TIDMCHAR
RNS Number : 5392T
Chariot Oil & Gas Ld
21 July 2020
21 July 2020
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Board Changes
Chariot Oil & Gas Limited (AIM: CHAR) the Atlantic margins
focused oil and gas company, announces that Larry Bottomley, CEO,
has stepped down from the Company with immediate effect.
To guarantee business continuity and ensure a smooth transition
at this important time, Adonis Pouroulis, currently Non-Executive
Director and founder, will take over as Acting CEO with immediate
effect. To further strengthen the Company's leadership team, both
Julian Maurice-Williams, currently Chief Financial Officer, and
Duncan Wallace, currently Exploration Manager, will join the Board
with immediate effect as executive directors as Chief Financial
Officer and Technical Director respectively.
The Company remains committed to maximising the value of the
Anchois discovery, the low risk gas development opportunity in the
Lixus Offshore licence, Morocco, and believes that the asset has
the potential to deliver near term cash flows to the business.
Lixus also has strong Environmental, Social and Governance ("ESG")
credentials and remains an attractive asset for potential farm-in
suitors.
In line with the change in leadership, and in light of the
current lack of market appetite for exploration activity, Chariot
also plans to evaluate other opportunities available to it. Chariot
continues to benefit from a strong financial position, with a cash
balance of US$9.6 million as at 31 December 2019 with no remaining
work commitments, and the Board believes that the Company has the
right team in place to further progress the Lixus licence, whilst
also being able to maximise shareholder value through other
commercial avenues.
George Canjar, Chairman of Chariot Oil & Gas, commented:
"I would like to thank Larry for the significant contribution he
has made to Chariot over the past 9 years and we wish him all the
best with his future endeavours.
We remain fully committed to further progressing our Lixus
asset, as we believe the licence contains considerable upside
potential, and is attractive to a wide range of businesses across
the energy value chain. The new team in place have considerable
entrepreneurial experience and the required in house skill sets to
pursue other opportunities available to us. We will keep our
stakeholders appraised on developments as appropriate and we look
forward to updating the market in due course."
Larry Bottomley commented:
"I have had the pleasure of working with some exceptional
people, both past and present, in Chariot and its advisors, with
our partners, contractors and suppliers and the various Ministries
with whom the Company has built excellent relations.
I leave Chariot with a tremendous asset and an extremely
talented team in place to nurture that asset and deliver the
success that the Company's stakeholders deserve."
Additional Information
The information detailed below is disclosed in accordance with
Rule 17 and paragraph (g) of Schedule Two of the AIM Rules. Except
for the information disclosed below, there is no other information
which is required to be disclosed under these rules.
Julian Robert Cecil Maurice-Williams, aged 41, was appointed as
a Director of Chariot Oil & Gas Limited on 21 July 2020. He has
the following additional current directorships.
Current Directorships:
Chariot Oil and Gas Statistics Limited
Chariot Oil & Gas Holdings (Morocco) Limited
Enigma Oil & Gas Exploration (Pty) Limited
Enigma Oil & Gas 14 (Pty) Limited
Enigma Oil & Gas 15 (Pty) Limited
Enigma Oil & Gas 19 (Pty) Limited
Enigma Oil & Gas Beta (Pty) Limited
Duncan McIntosh Wallace, aged 42, was appointed as a Director of
Chariot Oil & Gas Limited on 21 July 2020. He has the following
additional current directorships.
Current Directorships:
Outwood Lane Residents Association Limited
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For further information please contact:
Chariot Oil & Gas Limited
Adonis Pouroulis , Acting CEO
Julian Maurice-Williams, CFO +44 (0)20 7318 0450
finnCap (Nominated Adviser and Broker)
Christopher Raggett, Hannah Boros (Corporate
Finance),
Andrew Burdis (ECM) +44 (0)20 7220 0500
Celicourt Communications (Financial PR)
Jimmy Lea +44 (0)208 434 2754
NOTES TO EDITORS
ABOUT CHARIOT
Chariot Oil & Gas Limited is an independent oil and gas
company which holds a high value, low risk gas development project
with strong ESG credentials in a fast growing emerging economy with
a clear route to early monetisation, delivery of free cashflow and
material exploration upside.
The ordinary shares of Chariot Oil & Gas Limited are
admitted to trading on the AIM Market of the London Stock Exchange
under the symbol 'CHAR'.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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