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Thursday, March 1, 2018
Chariot Oil & Gas raised $15million to advance its drilling program in Namibia. The equity funding will allow Chariot to drill the Prospect S exploration target offshore Namibia, giving the company a second high-impact well in 2018.
The funds were raised via a share placing to new and existing institutional (and other) investors. Some 82.5million new shares are being issued, at a price of 13p each. In addition to the now closed equity placing, the company intends to raise a further €5million through an open offer share sale to existing shareholders who will have the right to buy one new share for every eight shares they own.
Completion of the new funding arrangements remains subject to approval from shareholders. To that end, a general meeting will be convened on March 27.
“This fundraise will represent another major step forward for Chariot, and one which allows the company to participate in two giant-scale wells in this calendar year whilst capturing the bottom of the cost cycle for drilling,” said Larry Bottomley, Chariot chief executive.“Success in either well would be transformational, and would also de-risk significant additional portfolio in the relevant license.”
“This comes after continued investment throughout the portfolio during the industry downturn which has allowed Chariot to build a drilling and prospect inventory of giant-scale opportunities,” Bottomley added. “We will continue to progress operations in Namibia to drill Prospect S in H2 this year to benefit from synergies with third-party operations, and, in combination with our other partners, we continue to support Eni in their operations on the RD-1 well in Morocco which is scheduled to spud in March 2018.”
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