Chariot Oil & Gas Ld AGM Statement (8260H)
June 13 2017 - 2:00AM
UK Regulatory
TIDMCHAR
RNS Number : 8260H
Chariot Oil & Gas Ld
13 June 2017
13 June 2017
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
AGM Statement
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margin
focused oil and gas exploration company, will be holding its Annual
General Meeting at 10.00am today at the offices of finnCap, 60 New
Broad Street, London, EC2M 1JJ.
At the meeting, Larry Bottomley, Chief Executive Officer, will
provide a brief portfolio and strategy overview in line with the
corporate presentation that is available on the Company website
(www.chariotoilandgas.com). There will be no material new
information disclosed.
Whilst the challenging business environment in 2016 resulted in
subdued industry activity, Chariot used this as an opportunity to
mature and de-risk its portfolio by shooting seismic surveys at
favourable rates. The Company participated in extensive 3D seismic
campaigns in Namibia and Brazil, with additional 2D and 3D seismic
acquired in early 2017 in Morocco. The processing and
interpretation of these data sets is allowing the Company to
develop, de-risk and mature its drilling inventory. Chariot
continues to focus on partnering for risk management. The approval
of the Rabat Deep Offshore farm-out to Eni is demonstrative of that
strategy in action and will lead to the drilling of the RD-1 well,
expected Q1 2018, targeting the JP-1 prospect which is estimated to
hold 768mmbbls gross mean prospective resources. Partnering
processes are underway in Namibia and Morocco, and will start in
Brazil on completion of the interpretation of the data from the
2016 3D seismic campaign.
In Morocco, Chariot has continued to expand its portfolio,
securing first the Mohammedia Offshore Permits and then, in early
2017, the Kenitra Permit, leveraging existing knowledge and
understanding of the petroleum systems in Morocco. These permits
capture material prospectivity that has the potential to be
significantly de-risked by the drilling of the RD-1 well.
Chariot has continued to illustrate its strategy in the
management of risk and the allocation of capital by its election in
June 2016 not to enter into the next phase for the C-19 licence in
Mauritania.
In Namibia, the Company has continued to mature its portfolio
with the evaluation of the 2016 3D seismic data in the Central
Blocks delineating five structural prospects ranging from 283 -
459mmbbls gross mean prospective resources as described in the
Competent Person's Report undertaken by Netherland Sewell and
Associates. A partnering process has been initiated in the Central
Blocks with the aim to undertake drilling in H2 2018, for which
preparations are underway. Farm-out discussions are also proceeding
in the Southern Blocks.
Seismic interpretation continues in Brazil, with encouraging
early results. Upon completion, the dataroom on these licences will
open in H2 2017.
Chariot maintained focus on financial discipline, ending 2016
with $25.0 million in cash, well in excess of its commitments. In
H1 2017 the completion of the seismic programme in Morocco and the
partnering with Eni in Rabat Deep, delivering a capped carry on the
RD-1 well expected Q1 2018, means there are now no unfunded work
commitments throughout the portfolio. Overhead costs remained
tightly controlled, whilst the management has been successful in
leveraging the overall industry downturn to negotiate favourable
seismic rates, thus allowing for counter-cyclical investment in the
portfolio.
The focus for H2 2017 is to continue building and maturing the
portfolio to deliver further funded drilling inventory whilst
continuing to screen the market for potential value-accretive
opportunities.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
Qualified Person Review
This release has been reviewed by Duncan Wallace, Exploration
Manager of Chariot, who is a petroleum geologist with over 15
years' experience in petroleum exploration, MSc in Petroleum
Geology from Imperial College and a member of the Petroleum
Exploration Society of Great Britain. Mr Wallace has consented to
the inclusion of the technical information in this release in the
form and context in which it appears.
For further information please
contact:
Chariot Oil & Gas Limited
Larry Bottomley, CEO +44 (0)20 7318 0450
finnCap (Nominated Adviser
and Joint Broker)
Matt Goode, Christopher Raggett
(Corporate Finance)
Emily Morris (Corporate Broking) +44 (0)20 7220 0500
Peel Hunt (Joint Broker)
Richard Crichton, Ross Allister +44 (0)20 7418 8900
EMC(2) Advisory (PR/IR Contact)
Natalia Erikssen +44 (0)78 0944 0929
NOTES TO EDITORS
About Chariot
Chariot Oil & Gas Limited is an independent oil and gas
exploration group. It holds licences covering four blocks in
Namibia, three blocks in Morocco and four blocks in the
Barreirinhas Basin offshore Brazil. All of these blocks are
currently in the exploration phase.
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 company news service from the London Stock Exchange
END
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