Chariot Oil & Gas Ld AGM Statement (4992V)
24 July 2018 - 4:00PM
UK Regulatory
TIDMCHAR
RNS Number : 4992V
Chariot Oil & Gas Ld
24 July 2018
24 July 2018
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.
While we have seen some recent stabilisation in the oil markets,
Chariot elected to use this period of subdued industry activity to
initiate the drilling campaign to benefit from the maturation of
the portfolio over the last year and to capture the bottom of the
cost cycle. The Company participated in the drilling of the Rabat
Deep 1 well in Morocco at zero cost following farm-outs to both
Woodside and Eni. Disappointingly, the well was unsuccessful but
has proven key play components for the targets in Chariot's
neighbouring permits in Mohammedia and Kenitra, where the Company
capitalised on low seismic rates with the acquisition of 2D and 3D
seismic in Q1 2017. The processing and interpretation of these data
sets is allowing the Company to develop, de-risk and mature its
drilling inventory.
In Namibia, Chariot has secured the Ocean Rig Poseidon to drill
Prospect S in Q4 2018, independently estimated with a gross mean
prospective resource of 459mmbbls and a probability of geologic
success of 29%. This is one of five new structural prospects (S, T,
U, V and W), ranging from 283 - 459mmbbls in gross mean prospective
resources, and the well has the potential to de-risk a portfolio in
excess of 2 billion barrels of gross mean prospective
resources.
In Brazil, the Company has completed an evaluation of
prospectivity and built a portfolio consisting of seven prospective
reservoir targets individually ranging up to 366mmbbls in which a
single vertical well located at Prospect 1 can penetrate three
stacked targets which have a summed on-licence gross mean
prospective resource of 911mmbbls.
Chariot has maintained focus on financial discipline, ending
2017 with US$15.2 million in cash, well in excess of its
commitments, and raised US$16.5 million net post-period which funds
the Company's share of the drilling of Prospect S. Overhead costs
remained tightly controlled, whilst the management has been
successful in leveraging the overall industry downturn to negotiate
favourable seismic and rig rates, thus allowing for
counter-cyclical investment in the portfolio.
The focus for H2 2018 is to deliver safe and cost-effective
drilling operations in Namibia, to continue to partner throughout
the portfolio and to build and mature the portfolio to deliver
further funded drilling inventory. Chariot will continue to screen
the market for potential value-accretive opportunities such as the
back-in option Chariot has secured on Block C-19 in Mauritania.
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) +44 (0)20 7220 0500
Celicourt Communications (Financial
PR)
Henry Lerwill +44 (0)207 520 9261
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 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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