Business
Analyst day
Analyst day.
About this update from Chariot Limited
[{"type":"text","content":"\n \nRNS Number : 6697P Chariot Oil & Gas Ld 22 February 2016 \n\n \n22 February 2016\n \nChariot Oil & Gas Limited\n(\"Chariot\", the \"Company\" or the \"Group\")\nAnalyst Day Update\n \nChariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, will be hosting a presentation for research analysts today.\n \nThe presentation provides an overview of Chariot's portfolio, a detailed description of the Company's technical developments and its ongoing strategy and outlook for 2016. Management continues to look to protect the portfolio and cash position, partner for drilling and capitalise where possible on the current business environment. \n \nDuring the presentation, the Company will outline its cash utilisation in the year to 31 December 2015 and provide a breakdown of the budget for the year ahead, as detailed below. There will be no further material disclosure. \n \nThe Group remains debt free and as at 31 December 2015 it held cash balances of US$39.7 million (unaudited) compared with US$45.5 million (unaudited) as at 30 June 2015 and US$53.5 million as at 31 December 2014. In addition, all contractual licence commitments are fully funded.\n \nAs at 31 December 2015, US$11.0 million (unaudited) of the Company's cash balances were held as security against licence work commitments and these guarantees will significantly decrease on the completion of the Brazilian 3D seismic processing.\n \nNet cash utilisation of US$13.8 million (unaudited) in the year to 31 December 2015 comprised of:\n \n· US$1.4 million in Morocco on G&G and seabed coring;\n· US$3.2 million in Namibia on seismic acquisition and processing;\n· US$0.5 million in Mauritania on seabed coring; \n· US$1.3 million in Brazil on G&G and seismic EIA;\n· US$2.6 million of net finance / foreign exchange charges; and\n· US$6.7 million on G&A (gross).\n· Partially offset by receipt of US$1.9 million of farm-out proceeds.\n \nDuring 2016, Chariot currently expects its net cash utilisation to be c.US$18.8 million comprised of:\n \n· ...