LONDON (ShareCast) - In its pre-close operational update exploration outfit Chariot Oil & Gas highlighted progress made on its Mauritanian licence and on its central block licenses in Namibia.
A resource update is expected for the latter in the second quarter of 2014. That will come alongside the opening of a dataroom to secure a further farm-out on that asset.
A dataroom was also opened in September with the aim of securing a partner for drilling its Prospect B in Namibia. The firm received an encouraging response from key players and an update on progress will be made as appropriate.
The company also called attention to the fact that it now has the capacity to participate in at least one potentially transformational exploration well a year for the foreseeable future.
In parallel, license extensions were secured in Morocco (Casablanca/Safi and Loukos) and Namibia (2714A and the Central Blocks) to provide the company appropriate time to integrate the information gained from seismic data.
The outfit continues to expect its year-end cash balance to be between $54m and $56m. However, $17m of that is secured against bank guarantees that the firm is fully funded for all of its current contractual commitments as well as its planned work programme.
AB
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