Business
2018 Final Results
2018 Final Results.
About this update from Chariot Limited
[{"type":"text","content":"\n \nRNS Number : 6422V Chariot Oil & Gas Ld 10 April 2019 \n\n \n10 April 2019 \nChariot Oil & Gas Limited\n(\"Chariot\", the \"Company\" or the \"Group\")\n2018 Final Results\nChariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas company, today announces its audited final results for the year ended 31 December 2018.\n2018 and Post Period Highlights\nCreating a Balanced Portfolio and Sustainable Business:\nNew Venture, Lixus licence, containing Anchois-1 discovery, secured in Morocco\n· Anchois-1 well gas discovery - 307 Bcf of 2C contingent resources offering near-term development opportunity\n· Deeper potential not penetrated by the Anchois-1 well of 116 Bcf 2U prospective resource has also been identified\n· Material tie-back opportunities from low risk, exploration prospects offer an attractive upside of 527 Bcf of 2U prospective resources in satellite prospects adjacent to the Anchois discovery\n· Additional on-block exploration running room in licence\n· World-class commercial contract terms with high gas prices in a developing market with growing energy demand offers a potentially high-value project\n· Minimal initial licence commitment funded from current cash\n· Future development anticipated to deliver strong returns and significant cash flow\n \nOperational Flexibility achieved through Capital Discipline:\n· Debt free with a cash balance of US$19.8 million as at 31 December 2018\n· Fully funded for current work commitments - less than US$1.0 million\n· Annual cash overhead remains below US$5.0 million\n· Strong cash position enhanced by Q1 2018 placing and open offer of net US$16.5 million providing funds to allow the Company to deliver Prospect S at the bottom of the cost cycle\n \nDelivery of Drilling Programme at Optimum Point of Cost Cycle:\n· Achieved Zero Cost Drilling: Rabat Deep 1, Morocco - Dry: Successful partnering meant drilling was achieved at zero cost to Chariot. Information from the well prov...