Petroleum Africa
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Thursday, December 18, 2014
Due to its deal making savvy across the continent, the recent drop in oil prices has not had a major impact on small independent Chariot Oil & Gas. The company said in a recent statement that while the recent decline in the oil price has materially affected the scale of investment across all sectors of the exploration and production industry, as a result of its achievements of the last year it stands financially robust and technically capable of taking advantage of opportunities that may arise as a result of external factors that are affecting the oil and gas industry.
Chariot is committed to applying capital discipline and managing risk while developing and maturing its portfolio. In doing this, the company continues to work towards its goal of creating transformational stakeholder value through the discovery of material accumulations of hydrocarbons.
Over 2014 Chariot carried out a substantial amount of technical work across the entirety of its portfolio – diversified risk through two successful farm outs, repositioned all of its Namibian licenses by removing well commitments and injected further capital into the company. According Chariot these successes have delivered an extensive, operated, high-equity, giant-potential portfolio in licenses with low commitments and significant amounts of time to achieve zero cost exploration through partnering.
At year-end, the unaudited cash position of the company is estimated to be approximately $42 million, with additional recoveries of up to $13.5 million expected from our new partners following the final approvals of the relevant authorities.
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