Chariot Oil & Gas Ld Statement regarding media speculation (9001F)
26 February 2018 - 8:37PM
UK Regulatory
TIDMCHAR
RNS Number : 9001F
Chariot Oil & Gas Ld
26 February 2018
26 February 2018
Chariot Oil & Gas Limited ("Chariot", or the "Company")
Statement regarding media speculation
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused oil and gas exploration company, notes the recent media
speculation and confirms that it is in advanced stages of
completing a new equity fundraising (the "Fundraising") to provide
funds to allow the Group to deliver a second well within the near
term comprising the drilling of Prospect S in Namibia, in addition
to the carried drilling of the RD-1 well in Morocco by Eni.
The Board can confirm that it is looking to raise approximately
US$15.0 million by way of a conditional placing as well as an
additional up to approximately EUR5.0 million by way of an open
offer (together the "Fundraising"). It is expected that the
Fundraising will take place at 13 pence and the Company will make
an announcement with further details in due course.
Larry Bottomley, CEO of Chariot Oil & Gas, said:
"This fundraise will represent another major step forward for
Chariot, and one which allows the Company to participate in two
giant-scale wells in this calendar year whilst capturing the bottom
of the cost cycle for drilling. Success in either well would be
transformational, and would also de-risk significant additional
portfolio in the relevant licence. This comes after continued
investment throughout the portfolio during the industry downturn
which has allowed Chariot to build a drilling and prospect
inventory of giant-scale opportunities. We will continue to
progress operations in Namibia to drill Prospect S in H2 this year
to benefit from synergies with third-party operations, and, in
combination with our other partners, we continue to support Eni in
their operations on the RD-1 well in Morocco which is scheduled to
spud in March 2018.
This demonstrates that the equity markets support Chariot's
investment thesis, which is in part a testament to our performance
in risk management, delivered through our excellent in-house
technical team, and our continued focus on capital discipline. We
look forward to welcoming new investors and are grateful for the
continuing support of existing shareholders who have the
opportunity to participate through the Open Offer. We appreciate
both groups for supporting Chariot in a very exciting near-term
drilling programme as well as for the continued development of the
Company's broader portfolio in Brazil and our other permits in
Morocco."
Enquiries:
For further information please visit www.chariotoilandgas.com or
contact:
Chariot Oil & Gas Limited +44 (0)20
Larry Bottomley, CEO 7318 0450
finnCap
Matt Goode, Christopher
Raggett, Anthony Adams
(Corporate Finance)
Emily Morris (Corporate Nominated Adviser +44 (0)20
Broking) and Joint Broker 7220 0500
Cenkos Securities PLC
Neil McDonald, Derrick Lee
(Corporate Finance) +44 (0)20
Joe Nally (Corporate Broking) Joint Broker 7397 8919
Celicourt Communications
Mark Antelme, Henry Lerwill, +44 (0)207
Jimmy Lea, Financial PR 520 9261
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
SPCFMGZZLVKGRZG
(END) Dow Jones Newswires
February 26, 2018 04:37 ET (09:37 GMT)
Chariot (LSE:CHAR)
Historical Stock Chart
From Apr 2024 to May 2024
Chariot (LSE:CHAR)
Historical Stock Chart
From May 2023 to May 2024