13th Feb 2014 12:04
LONDON (Alliance News) - Chariot Oil & Gas Ltd Thursday said it plans to spend USD33 million to further develop its portfolio during 2014.
The oil and gas exploration company said in an analyst day review of its portfolio that it plans to spend USD13.0 million acquiring and processing seismic data in Morcco, USD5.0 million in Namibia, USD4.0 million in Mauritania, USD1.5 million in Brazil and USD9.5 million on other events throughout its portfolio.
The company said that all contractual license commitments it has are fully funded through to the end of 2015.
Chariot said that in Morocco, a 1,300 kilometre squared 3D seismic campaign is planned in the second quarter in order to mature the identified high potential leads at the site into prospects for drilling with a partner in 2015.
The company noted that, while it is determined to drill its prospects as soon as possible, the securing of partners takes time and on-going farm-out processes are continuing towards completion.
Chariot said it spent net cash of USD11.6 million during 2013, mainly on seismic processing costs, and was debt free at December 31 2013.
Chariot shares were down 7.2% to 19.25 pence, putting it in the top AIM fallers Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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