Chariot Oil & Gas Ld AGM Statement (8222E)
July 09 2019 - 4:28AM
UK Regulatory
TIDMCHAR
RNS Number : 8222E
Chariot Oil & Gas Ld
09 July 2019
9 July 2019
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 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).
Capitalising on a broader understanding of the petroleum systems
following the investigation of the oil shows in the Rabat Deep 1
well in Morocco, Chariot secured the Lixus Offshore licence in
Morocco in April which contains the significant Anchois gas
discovery. The addition of discovered resources rebalances the
Company's portfolio providing a sustainable footing to continue to
pursue our high impact exploration portfolio.
To progress the evaluation of this potential development, in May
the Company announced the completion of an independent Competent
Persons Report ("CPR") by Netherland Sewell & Associates Inc.
The third-party report upgraded the total remaining recoverable
resource to in excess of 1 Tcf for Anchois and its satellite
prospects (comprising 2C contingent resources and 2U prospective
resources).
In June, Chariot announced the completion of a Development
Feasibility Study and a Gas Market Assessment for the Anchois gas
field. These studies, which were carried out by third parties,
demonstrated the technical feasibility and commercial
attractiveness of developing the Anchois gas discovery, which is
anticipated to deliver strong returns and significant cash flow,
with the potential to offer a strategically important indigenous
source of gas into Morocco's developing energy market.
The Company is undertaking a further CPR on an additional five
prospects in the Lixus licence, which should be completed in Q4
2019 and the Environmental Impact Assessment to facilitate
appraisal operations in 2020 has been initiated. The partnering
data-rooms, for the Lixus licence, are open and the Chariot team is
pleased with the level of interest seen to date from a wide range
of businesses.
At the Company's other Moroccan licences, Mohammedia and
Kenitra, geochemical analysis indicates a hydrocarbon charge from
Cretaceous or younger source rock, with the Cretaceous known as a
world class source rock. Additionally, excellent quality upper
Jurassic sandstone reservoirs and effective seal identified in the
Rabat Deep 1 well significantly de-risk the clastic prospects and
leads with prospects MOH-B (gross mean prospective resource of
637mmbbls) and KEN-A (gross mean prospective resource of 445mmbbls)
priority targets.
In Brazil, both an integrated seismic interpretation and a CPR
have been completed, with a large four-way dip-closed structure
identified and a portfolio consisting of seven reservoir targets
individually ranging up to 366mmbbls of gross mean prospective
resource. A single vertical well located at Prospect 1 can
penetrate the TP-1, TP-3 and KP-3 stacked targets which have a
summed on-licence gross mean prospective resource of 911mmbbls.
In Namibia, Chariot recently demonstrated its strong operational
capability with the efficiently drilled Prospect S well, which came
in on time and significantly below budget. Whilst the results of
the well degraded some of the prospects, there remains significant
prospectivity within the substantial Central Blocks licence which
spans a total of 16,800km(2) . Namibia remains a region of
significant industry interest.
Partnering processes are ongoing across the portfolio and the
Company will update the market on developments as appropriate.
Chariot continues to exercise capital discipline in all areas of
the business, ending 2018 debt free and with US$19.8 million in
cash. The Company maintains tight control over its cost base and
remains fully funded for its current work commitments, which are
less than US$1.0 million. Chariot continues to seek additional
value accretive opportunities, to broaden the risk profile of the
Company.
For further information please contact:
Chariot Oil & Gas Limited
Larry Bottomley, CEO +44 (0)20 7318 0450
finnCap (Nominated Adviser and Broker)
Matt Goode, Christopher Raggett, Anthony Adams
(Corporate Finance) Andrew Burdis (ECM) +44 (0)20 7220 0500
Celicourt Communications (Financial PR)
Jimmy Lea +44 (0)207 520 9261
NOTES TO EDITORS
ABOUT CHARIOT
Chariot Oil & Gas Limited is an independent oil and gas
company focused on the Atlantic margins. It holds exploration
licences covering two blocks in Namibia, three blocks in Morocco
and four blocks in the Barreirinhas Basin offshore Brazil.
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
AGMLLFIFDFITIIA
(END) Dow Jones Newswires
July 09, 2019 04:28 ET (08:28 GMT)
Chariot (LSE:CHAR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Chariot (LSE:CHAR)
Historical Stock Chart
From Apr 2023 to Apr 2024