(Alliance News) - Chariot Ltd on Friday reported a wider loss in 2020 after writing down the value of some assets.
The company reported a pretax loss of USD70.6 million, versus a USD4.0 million loss in 2019. That was largely due to a previously announced USD66.7 million impairment recorded against exploration assets in Namibia and Brazil.
The Guernsey-based company has since restructured and rebranded, changing its name from Chariot Oil & Gas and organising its assets into two units - gas and power. It also raised USD18.8 million in a placing, subscription and open offer last month.
Chariot is planning appraisal drilling for its core Anchois gas development offshore Morocco in the fourth quarter. The asset has "considerable upside potential and is attractive to a wide range of business across the energy value chain," the company said.
"We are now entering an exciting and important phase in the growth of the company. The recently completed fundraising will give us the capital required to turbocharge our growth ambitions and capitalise on the high value opportunities we see in front of us," Chief Executive Adonis Pouroulis said.
Shares in Chariot were up 1.7% to 5.25 pence in London on Friday morning.
By Ivan Edwards; ivanedwards@alliancenews.com
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Chariot Ltd (CHAR)