20th Sep 2013 09:06
LONDON (Alliance News) - Chariot Oil & Gas Limited Friday said it significantly narrowed pretax losses in its first half as the company recovered from a substantial impairment cost in 2012.
The exploration-and-development oil and gas company, with licenses in Namibia, Brazil, Mauritania and Morocco, said its pretax losses narrowed to USD4.3 million from USD39.9 million for the six months ended June 30.
The company said its underlying results were largely unchanged, with administration charges slightly higher at USD3.1 million from USD3.0 million. Cash outflow from operating activities remained at USD2.9 million, same as the previous year.
In 2012 the company struggled with a substantial impairment charge of USD80.8 million as it abandoned its Tapir South Well in Namibia.
On September 9, the company announced results of an independent audit at exploration blocks offshore Namibia and found a prospective oil resource of 469 million barrels of oil with a geologic success of 22% at Prospect B, its principal drilling candidate.
The company increased its unrisked gross mean prospective oil resource at the site to between 213 million barrels and 1,487 million barrels.
The company also made it clear that it is debt-free with a cash position of USD39.9 million, leaving it fully funded for its planned work programme beyond 2014.
"Our detailed technical work continues across all of our licence areas as we mature the transformational opportunities within our asset base," Chief Executive Larry Bottomley said in a statement.
Chariot Oil & Gas shares were down 2.2% to 18.10 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Chariot