Char H1 Results12 Sep 2018 08:15
Looking solid esp with no funding statement.
Larry Bottomley, CEO of Chariot commented:
"The Chariot team has worked hard to develop and balance the Company's exploration portfolio, focusing on its de-risking strategy and using its technical, commercial and strategic foresight to take advantage of the prevailing business environment. At the same time as maturing the drilling inventory and pursuing our partnering processes on priority prospects, we have focused on progressing our drilling operations to capture the optimum point of the cost cycle. Our participation in the Rabat Deep 1 well in Morocco demonstrated our ability to expose the Company and its shareholders to potentially transformational events at zero cost, and we are pleased to have secured historically low rig rates for the drilling of Prospect S, Namibia, in Q4 2018, following a successful fundraise in March.
Well results from Rabat Deep 1 in Q1 2018 were disappointing, but the information obtained has proven key elements in Chariot's adjacent priority targets, which is anticipated to increase their chance of success and further define prospective resource potential following integrated analysis with proprietary seismic datasets.
The Company is fully funded for all remaining commitments. Datarooms are open across the matured portfolio and we look forward to the drilling of a safe, efficient and cost effective well in Prospect S, which has the potential, in the success case, to realise substantial value and expose shareholders to additional upside from the additional resource in the inventory of prospects within the licence. Concurrently, we will continue refining our broader prospect inventory and remain vigilant to value accretive opportunities."
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