RNS Number: 9306 E Chariot Oil& Gas Ld 09 July 2019. It holds exploration licences covering two blocks in Namibia, three blocks in Morocco and four blocks in the Barreirinhas Basin offshore Brazil.. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Chariot Oil & Gas Today’s AGM statement from Chariot contains little new news but it does provide a useful analysis of quite how important the securing of the Lixus offshore licence in Morocco could be for the company. After all this is a significant gas discovery close to one of the highest priced, strongly growing gas markets worldwide and substantially re-balances the portfolio without taking away the upside. The May CPR gives over 1 TCF of gas to the Anchois discovery and its satellites which should deliver ‘strong returns and significant cash flow’. With 75% of the asset Chariot are in a strong position and will partner up on the deal and data rooms are open and the level of interest is pleasing. Indeed, unlike farming-out a well or even a drilling campaign this exposure to the fast-growing Moroccan domestic market gives a much wider potential audience of partners which could extend to utilities and other power and infrastructure providers. Opportunities remain in the rest of Chariot’s portfolio and their other Moroccan licences, Brazil and Namibia all carry interest from industry and should not be forgotten about. Chariot has a very healthy cash position, $19.8m at the year end and with no debt and with minimal commitments of under $1m and low G&A having reduced costs substantially over recent years. This cash position almost carries the share price on its own leaving virtually nothing in there for the exciting recent asset acquisition or the existing sizeable portfolio of high quality assets and the shares should be considered remarkably cheap.
Chariot Oil& Gas Limited, the Atlantic margin focused oil and gas company, will be holding its Annual General Meeting at 10.00 am today at the offices of finnCap, 60 New Broad Street, London, EC2M 1 JJ.. 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...
RNS Number: 1848 E Chariot Oil& Gas Ld 02 July 2019. Grant of Deferred Share Awards. It holds exploration licences covering two blocks in Namibia, three blocks in Morocco and four blocks in the Barreirinhas Basin offshore Brazil..
Chariot Oil & Gas Yesterday I had the chance to do an extended interview with Chariot Oil & Gas CFO Julian Maurice-Williams. In a wide-ranging discussion we talked about the Lixus licence acquisition and also this week’s announcement regarding the Development Feasibility Study and also the Morocco Gas Market Assessment and a lot more. In our discussion he talked about the much bigger addressable market for potential partners and how well that process is going, Chariot have historically been very strong in this respect and it looks like this time is no different. With a strong, fiscally attractive market within Morocco and the potential to export through the Maghreb pipeline into Europe the opportunities are plenty and the Lixus licence can be developed via a single phase or staged development. Chariot has added a genuinely high value asset and with potentially near term cash flow possible the shares look highly promising, at less than 5p and with at least 4p of cash in the balance sheet the shares are well funded and have serious upside from these levels.
Chariot Oil & Gas Chariot has given an update on the Development Feasibility Study and Gas Market Assessment which have completed with regard to the Anchois Gas Field in Morocco. In the detail are that the development is technically feasible and has the potential to be done either by a single phase or a staged development to ‘commercially optimise access to different parts of the gas market’. The options include a ‘subsea to shore’ concept which, using industry standard technical solutions and equipment, ties subsea wells via a manifold and a subsea flowline and umbilical, connect the field to an onshore CPF and then into the Maghreb-Europe Gas pipeline. The study also showed the potential to re-enter the Anchois-1 gas discovery well which may be completed as a producer. From that stage the market in Morocco becomes important and we know that demand is growing strongly in-country and with internationally high prices which make the project commercially highly attractive. With an EIA already under way the project could see appraisal operations in 2020. Along with this and a Drilling EIA, the opening up of the partnering process should lead to a wide range of potential strategic partners ‘throughout the energy value train’. All in all Chariot appear to be getting on in the exciting Lixus Offshore Licence and prospects are looking most interesting.
Chariot Oil & Gas Limited (CHAR.L) Announced an update on the Lixus Offshore Licence (Lixus), with the completion of the Development Feasibility Study for the Anchois Gas Field and the Morocco Gas Market and Anchois Field Monetisation Assessment, that the development of the Anchois Field is technically feasible, with the potential for either a single phase or a staged development to commercially optimise access to different parts of the gas market and development options include a "subsea-to-shore" concept, employing proven industry standard technical solutions and equipment. This concept consists of subsea production wells tied to a subsea manifold, from which a subsea flowline and umbilical connect the field to an onshore Central Processing Facility (CPF), where gas is processed and then delivered into the Maghreb-Europe Gas pipeline (GME) via an onshore gas flowline. The company added that the potential to re-enter the suspended Anchois-1 gas discovery well, which may be completed as a producer well and Morocco has a growing energy market with attractive gas prices that underpins a commercially attractive project. Further, the company has initiated an Environmental Impact Assessment to facilitate appraisal operations in 2020.
RNS Number: 5334 C Chariot Oil& Gas Ld 18 June 2019. Development Feasibility Study and Gas Market Assessment completed for the Anchois Gas Field, Morocco. ·Morocco has a growing energy market with attractive gas prices that underpins a commercially attractive project.
The Annual General Meeting will be held at the offices of finnCap, 60 New Broad Street, London EC2M 1 JJ on 9 July 2019 at 10.00 am. It holds exploration licences covering two blocks in Namibia, three blocks in Morocco and four blocks in the Barreirinhas Basin offshore Brazil.. RNS is approved by the Financial Conduct Authority to act as a Primary Information...
RNS Number: 9210 A Chariot Oil& Gas Ld 03 June 2019. The Company makes the following notification pursuant to Schedule Six of the AIM Rules for Companies regarding its existing block admission arrangements:. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 7575 A Chariot Oil& Gas Ld 03 June 2019. Andrew is currently CEO of Independent Oil and Gas Plc, a UK- based development and production operator with assets in the Southern North Sea gas basin.. His experience in Morocco and his expertise with delivering gas appraisal and development projects in the UK and elsewhere will no doubt prove invaluable as we...
RNS Number: 6158 Z Chariot Oil& Gas Ld 21 May 2019. On 20 May 2019 George Canjar, Non-Executive Chairman, purchased 450,000 ordinary shares in the Company at a price of 5.20 p per share. It holds exploration licences covering two blocks in Namibia, three blocks in Morocco and four blocks in the Barreirinhas Basin offshore Brazil..
RNS Number: 5572 Z Chariot Oil& Gas Ld 20 May 2019. On 20 May 2019 Chris Zeal, a Non-Executive Director, purchased 198,023 ordinary shares in the Company at a price of 5.0499 p per share. It holds exploration licences covering two blocks in Namibia, three blocks in Morocco and four blocks in the Barreirinhas Basin offshore Brazil..
RNS Number: 3958 Y Chariot Oil& Gas Ld 09 May 2019. Competent Persons Report on the Anchois Discovery, Morocco. Chariot Oil& Gas Limited, the Atlantic margins focused oil and gas company, is pleased to announce the completion of the independent Competent Persons Report by Netherland Sewell& Associates Inc. over the satellite prospects adjacent to the Anchois-1...
Chariot Oil & Gas 2018 results today from Chariot but information that is very much already in the market and t gives the company the chance to talk a bit more about how they are re-balancing the portfolio going forwards. As announced last week the company has recently been awarded the Lixus licence in Morocco which contains the Anchois-1 gas discovery with 307 bcf of 2C contingent resources as well as deeper potential of another 116 bcf of 2U prospective resource having been identified. In addition there are material tie-back opportunities for low risk exploration prospects with ‘attractive’ upside of 527 bcf of 2U prospective resources in adjacent satellites and a host of potential exploration opportunities. With the local gas market to be one of the best worldwide, with excellent contract terms and high gas prices this looks to be a gem of an opportunity. Chariot has $19.8m of cash which is equivalent of 4p per share and no debt. The new licence carries less than $1m of commitments and with the project likely to deliver strong cash flow should attract a significant number of potential partners wishing to join up with Chariot. The demand for these ‘strategic alliances’ in a country with strong demand for gas and one of the best fiscal policies worldwide makes this re-balancing of the portfolio by Chariot very wise. The company will still be able to pursue the exciting high-impact exploration portfolio whilst at the same time tempering some of the beta with this project, this looks like a plan that shareholders will appreciate.
Chariot Oil & Gas Limited (CHAR.L) Announced, in its final results for the year ended 31 December 2018, that loss from operation fell to $15.14 million from $55.55 million reported in the same period last year. The company's loss before tax stood at $15.13 million compared to a loss of $55.39 million reported in the previous year. The basic loss per share stood at $0.04 compared to loss of $0.21 in the previous year. The company's cash and cash equivalents stood at $19.82 million (2017: $15.23 million).
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