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(Alliance News) - Chariot Oil & Gas Ltd said Tuesday that it ended 2018 debt-free and is looking for more opportunities to broaden the company's risk profile.
The oil and gas company, which had its annual general meeting on Tuesday, said it is fully funded for all of its current projects and has USD19.8 million in cash.
Chariot said that an independent development feasibility study and a gas market assessment of the Anchois gas field in Morocco, the license for which the company secured in April, demonstrated that the area can deliver "strong returns and significant cash flow" for the company.
The company is undertaking a competent persons report on five other sites in Morocco which should be completed in the fourth quarter of 2019. Like Anchois, these sites are also part of the recently signed Lixus license.
Chariot also operates in Brazil where it has identified seven reservoir targets "individually ranging up to 366 million barrels of oil of gross mean prospective resource".
Work in Namibia and its prospect S drilling, which was delivered on time and within budget, also demonstrated Chariot's "strong operational capability", the company said.
Shares in Chariot Oil & Gas were up 2.5% at 4.61 pence in London on Tuesday.
