Chariot Oil Tightens Purse Strings While Searching For Partners

LONDON (Alliance News) - Chariot Oil & Gas Ltd on Wednesday said it ...

Alliance News 15 March, 2017 | 8:23PM
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LONDON (Alliance News) - Chariot Oil & Gas Ltd on Wednesday said it plans to continue derisking its portfolio and look for potential partners to help with future funding to develop its assets, ensuring it remains disciplined with capital in the meantime.

"Through our continued data acquisition and ongoing analysis we have built a drilling inventory with four giant priority prospects, each with follow on potential. Using the additional information provided from our recent operational activity and newly acquired acreage we intend to continue to refine and develop this, with the aim of drilling three wells within the next two years," said Chief Executive Larry Bottomley.

Chariot secured a partner for Rabat Deep, Morocco, during 2016 in the shape of Italian firm Eni SpA, where the JP-1 well will be drilled in the first quarter of 2018.

The company reported a drop in total operating costs in 2016 to USD9.5 million from the USD12.0 million loss a year earlier. Finance income rose to USD2.8 million from USD1.3 million, and USD3.9 million worth of financial expenses incurred in 2015 were not repeated.

The pretax loss for the year was USD6.7 million compared to the USD14.7 million loss in 2015.

Chariot shares were up 3.2% at 12.25 pence per share on Wednesday.

By Joshua Warner;; @JoshAlliance

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Chariot Oil & Gas Ltd 4.40 GBX -3.72 -
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