Chariot Oil & Gas Ld (LON:CHAR) H1 2019 Results & Investor Conference Call

Management will host a conference call for investors at 12.00 noon (BST) today, 25 September 2019. Dial-in details for the call are shown below and participants should request to join the “Chariot Oil & Gas – Investor Call”.

Dial-in number: +44 (0)330 336 9125

Conference Code: 8736798

H1 2019 Results

· Secured the new venture, Lixus Offshore Licence, Morocco, providing a near-term development opportunity and potential for cashflow generation.

· Integrated analysis of 2018 drilling operations complete, resulting in refined giant prospect portfolio.

· Data rooms open across the portfolio with the aim of securing partners to drill.

· 30 June 2019 cash position US$12.1 million, no debt and all commitments fully funded.

Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, today announces its unaudited interim results for the six-month period ended 30 June 2019.

Highlights:

Low Risk Production Opportunity Secured:

· Award of near-term development opportunity, Lixus Offshore Licence, Morocco:

o Anchois-1 well gas discovery and satellites offer near-term development opportunity.

o Deeper prospect offers additional prospective resource potential.

o Material additional on-block exploration running room in licence.

· Competent Persons Report (“CPR”) on the Anchois Discovery complete:

o Total remaining recoverable resource to be in excess of 1 Tcf for Anchois and its satellite prospects (comprising 2C contingent resources and 2U prospective resources).

o Anchois North confirmed as the low risk priority satellite with 308 Bcf of 2U prospective resources and probability of geologic success of 43%.

o Additional on-block prospects with a total remaining recoverable resource in excess of 1.2 Tcf audited 2U prospective resources.

· Development Feasibility Study and Gas Market Assessment completed for the Anchois Gas Field:

o 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.

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o Morocco has a fast-growing energy market with strong gas prices that underpins a commercially attractive project.

· Drilling Environmental Impact Assessment (“EIA”) initiated; data room for prospective partners open.

· Seismic reprocessing work programme commitment fully funded.

Ongoing Giant Potential Portfolio Progression

Morocco:

o Data room open on the clastic prospects and leads with MOH-B (gross mean prospective resource of 637mmbbls) and KEN-A (gross mean prospective resource of 445mmbbls), priority targets, having been significantly de-risked by the drilling of Rabat Deep 1 in 2018.

o Drilling EIA approved on Kenitra and Mohammedia.

o No remaining work programme commitments.

Brazil:

o Data room open with the aim of securing a partner for the drilling of a single well at Prospect 1 as a fast follower. This can penetrate the TP-1, TP-3 and KP-3 stacked targets, which have a summed, independently audited, gross mean prospective resource of 911mmbbls.

o No remaining work programme commitments.

Namibia:

o Prospect S well (Q4 2018) analysis and integration of legacy data complete. Prospects B, V & W possess characteristics of the excellent reservoir potential of the turbidite sand systems encountered with access to a different source kitchen. Each prospect ranges from 284 – 469mmbbls of gross mean prospective resources.

o No remaining work programme commitments.

o Three third party wells, including one in the block adjacent to Chariot’s, due to be drilled in the next year.

Cash Position

· Unaudited cash balance as at 30 June 2019 of US$12.1 million.

· No debt and all work commitments, which are less than US$1.0 million, fully funded.

Appointment of Non-Executive Director

· Andrew Hockey appointed as Independent Non-Executive Director. Andrew has extensive experience in the development and production of gas assets.

Outlook

· Secure partners to participate in the appraisal and development of the Anchois Gas Field in order to generate cashflow and sustain the broader exploration programme.

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· Attract industry partners to drill our giant potential exploration prospects, with the aim of delivering transformational value.

· Continue to use expert in-house knowledge base to screen for new ventures within the Atlantic Margin that will further balance the risk profile of the Company.

· Maintain capital discipline throughout the business.

 

Larry Bottomley, CEO of Chariot commented:

“Using the information acquired from the 2018 drilling campaigns we have not only been able to de-risk and refine our giant prospect portfolio, but also identified and acquired a low risk appraisal asset with the capacity to generate significant cash flow for the Company.

Chariot’s risk portfolio is now balanced by a commercially attractive production opportunity, capable of sustaining the high impact exploration programmes of our giant potential prospects within the wider portfolio. Our cash position substantially exceeds our commitments and, with the significant interest received in our data rooms, we are confident about our ability to achieve on our near-term goals in Morocco. At the same time, we remain vigilant to further new venture opportunities that can further de-risk the portfolio whilst also looking to secure additional partners to deliver wells in a fast follower position on our Namibian and Brazilian assets.”

 

 


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