19th Mar 2014 10:02
LONDON (Alliance News) - Chariot Oil & Gas Wednesday said its pretax loss narrowed in its full year 2013 as the company bounced back from impairments the previous year.
The oil and gas exploration company posted a pretax loss of USD8.6 million in 2013, compared with a loss of USD88.6 million in 2012 when the company was hit by a USD80.9 million impairment charge in respect to drilling the Tapir South Well in the Northern Blocks offshore Namibia.
The company, which is yet to produce any revenues, said that while share-based expenses increased to USD2.2 million from USD1.8 million the previous year, its administrative expenses fell to USD6.0 million from USD7.5 million in 2012.
Chariot said it is debt free with all contractual commitments fully funded through to the end of 2015, with seismic campaigns due to start in Morocco during the second quarter and in Brazil during the fourth quarter.
The company said it has a steady pipeline of drill-ready prospects, with Namibia ready now, Mauritania in the second quarter, Morocco in 2015 and Brazil in 2016, providing the company with the option to drill one well per year for the foreseeable future.
Chariot Oil & Gas shares were down 2.0% at 22.55 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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