Chariot Oil & Gas Announce H1 2017 Results

Posted On September 13th, 2017 - 3:35 pm | by Oil and gas press

Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, announced its unaudited interim results for the six-month period ended 30 June 2017.

    Highlights during and post-period:

Partnering & Drilling
 Approval of the farm-out to Eni in Rabat Deep Offshore, Morocco – operatorship now transferred and a carried well (RD-1) secured: spud scheduled for Q1 2018 with the Saipem 12000 ultradeepwater drilling rig.

 Drilling preparations initiated and datarooms for potential partners open in Central Blocks, Namibia and in Mohammedia and Kenitra, Morocco.

 David Brecknock, a highly experienced drilling manager, is joining the management team to oversee the drilling programme.

Portfolio Management
 Award of Kenitra Offshore Exploration Permit, Morocco in February 2017 – capturing the LKP prospects that extend from Mohammedia into this area and the Kenitra-A lead, all of which have the potential to be significantly de-risked by the drilling of the RD-1 well.

 Acquisition of 1,027km2 3D and 2,254km 2D seismic over Mohammedia and Kenitra, Morocco in H1, 2017 satisfies all remaining material work programme commitments throughout the entire portfolio.

 Election not to enter the next exploration phase in the Southern Blocks, Namibia, to focus on higher priority projects. Option with remaining partners to back-in for 10% equity after the completion of future exploration drilling for no financial consideration.

 Completion of Competent Person’s Report (“CPR”) following the 2016 seismic campaign (based on 6,100km3 of 3D seismic data) in the Central Blocks, Namibia – identified five new structural prospects, ranging from 283 – 459mmbbls in gross mean prospective resources.
Capital Discipline

 Robust balance sheet with US$21.7 million in cash as at 30 June 2017 and no debt.

 Minimal work commitments throughout portfolio; all fully funded.

 Continued capital discipline with half-year costs on track to achieve an annual cash overhead of less than US$5m.

 Continued prudent use of funds to develop the portfolio in a weakened business environment with a rigorous approach adapted for seismic tendering and other contract selection processes.

Asset Outlook
 Target to drill three wells in the near-term in the Moroccan and Namibian licence areas.

    Morocco:

 Rabat Deep: spud anticipated on the JP-1 prospect (768mmbbls gross mean prospective resources) in the latter part of Q1 2018. This well has the potential to de-risk an additional 6 Jurassic leads ranging from 119 to 1,041mmbbls gross mean prospective resources in the Rabat Deep permits.

 Mohammedia and Kenitra: processing of the 2D and 3D seismic campaign, acquired in Q1 2017, across the south of the greater LKP area and Kenitra is ongoing with interpretation to commence thereafter.

 LKP-1a (Mohammedia Permits) is drill-ready with the 1,027km2 3D campaign targeting additional prospectivity in this area and to mature the Kenitra-A lead (Kenitra Permit) to drill ready status. Preparation for drilling underway and a dataroom across both licences currently open.

    Namibia:

 Central Blocks: Preparation for H2 2018 drilling underway with Prospect S (gross mean prospective resources 459mmbbls) identified as a priority prospect – additional partner participation process ongoing with a dataroom open.

Brazil:
 Detailed seismic interpretation continues with a defined prospect and lead inventory anticipated to be completed for the opening of a dataroom in Q4 2017.

 Continue to develop a sustainable conveyor belt of giant drilling opportunities, leveraging knowledge of the Atlantic margins to access giant potential new venture opportunities.

Source / More: Chariot Oil & Gas Limited

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