Business
Chariot Final Results
Chariot Final Results.
About this update from Chariot Limited
[{"type":"text","content":"\n \nRNS Number : 9997U Chariot Oil & Gas Ld 13 April 2016 \n\n \n13 April 2016\n \nChariot Oil & Gas Limited\n (\"Chariot\", the \"Company\" or the \"Group\") \nFinal Results\nChariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, today announces its audited final results for the year ended 31 December 2015.\n2015 and Post Period Highlights:\nPartnering \n· Farm-out announced post period on Rabat Deep, Morocco with Eni - Chariot retains 10% interest for a carry on drilling priority prospect JP-1 with an agreed cap above estimated drilling costs - continued third party validation of Chariot's high margin assets\n· Datarooms open across all other licences - core focus to secure partners to drill \n· High-graded, high-margin, deep water assets retain transformational potential even at lower oil prices\nProtecting the Cash\n· Robust balance sheet with US$39.7 million of cash - significantly in excess of remaining commitments\n· Debt free\n· Board remuneration reduced by 50% from May 2015 - prudent measure to maintain financial flexibility over the longer term\n· Continued capital discipline - rigorous seismic tendering and ongoing cost savings\nProtecting our Portfolio\n· Licence extension agreed on Rabat Deep, Morocco, for analysis of the seabed coring programme prior to entering next phase of exploration\n· Converting the Mohammedia Reconnaissance Licence, Morocco into Exploration Permits captures JP-2 prospectivity (significant follow on potential in success case of JP-1 in Rabat Deep)\n· Loukos licence, Morocco, relinquished in order to focus ...