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LONDON (Alliance News) - Chariot Oil and Gas Ltd Wednesday reported a significantly narrower pretax loss in the first half of 2015 as it continues to try and secure partners for its projects in a tough environment.
The company with a portfolio of exploration and development assets across four countries reported a USD4.2 million loss in the first six months of 2015, significantly narrowing from the USD37.5 million loss reported a year earlier.
The loss narrowed because a USD33.6 million impairment booked in the first half of 2014 was not repeated.
At the end of the half, Chariot stood debt free with a cash balance of USD45.5 million, which is down from a balance of USD53.5 million at the end of December.
"The current business environment is one that is creating both challenges and opportunities. Within these market conditions we have adapted our strategy to look to protect our business whilst continuing to de-risk and develop our assets, with our underlying goal still being to create transformational value for shareholders," said Chief Executive Larry Bottomley.
Chariot has assets across Morocco, Mauritania, Brazil and Namibia and is currently trying to source partners for some of its assets. In the meantime it continues to conduct geophysical work to de-risk the projects.
"Whilst the current climate remains tough and we continue to see the sector tighten, Chariot believes it is in a strong position and remains focused on the business in hand. Market conditions have made partnering more challenging, but whilst the number of attendees in data rooms is lower, there are new entrants and discussions are underway with interested parties," said the company.
In Morocco at the Rabat deep well, in which the company holds a 50% stake, Chariot has gathered "important information" over the last 18 months and the company is continuing to try to secure a drilling partner for targets it has identified.
At its assets covering the Barreirinhas basin in Brazil, the company is seeking a partner to conduct a 3D seismic programme once it has secured the environmental impact assessment.
Chariot shares were up 0.2% to 7.44 pence per share on Wednesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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