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Thursday, September 26, 2019
AIM-listed Chariot Oil & Gas, the Atlantic margins focused oil and gas exploration company, has announced its unaudited interim results for the six-month period ended 30 June 2019. Within its results, the company highlighted that it had secured a new venture, the Lixus Offshore License in Morocco, providing a near-term development opportunity and potential for cashflow generation.
The company also highlighted its integrated analysis of 2018 drilling operations, now complete, stating it resulted in a refined giant prospect portfolio. Within that portfolio are its Moroccan and Namibian assets, as well as those in Brazil. Chariot has opened data rooms open across the portfolio with the aim of securing partners to drill.
Larry Bottomley, CEO of Chariot commented: “Using the information acquired from the 2018 drilling campaigns we have not only been able to de-risk and refine our giant prospect portfolio, but also identified and acquired a low risk appraisal asset with the capacity to generate significant cash flow for the company.
“Chariot’s risk portfolio is now balanced by a commercially attractive production opportunity, capable of sustaining the high impact exploration programs of our giant potential prospects within the wider portfolio. Our cash position substantially exceeds our commitments and, with the significant interest received in our data rooms, we are confident about our ability to achieve on our near-term goals in Morocco. At the same time, we remain vigilant to further new venture opportunities that can further de-risk the portfolio whilst also looking to secure additional partners to deliver wells in a fast follower position on our Namibian and Brazilian assets.”
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