4th Jun 2015 08:14
LONDON (Alliance News) - Chariot Oil and Gas Ltd said its founder, Heindrich Ndume, will retire as a non-executive director at the company's annual general meeting Thursday and said Chariot remains fully funded to develop its "transformational" projects in Morocco, Mauritania, Brazil and Namibia.
Ahead of the meeting, Chief Executive Larry Bottomley said the fact the company is fully funded means that drilling success would generate "transformational value" even at current oil prices, which have fallen from around USD115 per barrel in July 2014 to around USD63 on Thursday.
"We also continue to look to both progress and protect the value that we see in our assets and the team continues to evaluate potential new ventures as well as ensuring an ongoing focus on risk management and the delivery of our strategy," said Bottomley in a statement.
"Within this (tough) environment we have looked to focus on our strategy of risk mitigation and capital discipline and, as a result of careful management of both our balance sheet and portfolio, we are able to withstand industry turbulence and look to capitalise on market opportunities," he added.
Chariot shares were up 7.2% to 9.80 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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