Business
Full Year Results 2016
Full Year Results 2016.
About this update from Chariot Limited
[{"type":"text","content":"\n \nRNS Number : 4891Z Chariot Oil & Gas Ld 15 March 2017 \n\n \n15 March 2017\n \nChariot Oil & Gas Limited\n (\"Chariot\", the \"Company\" or the \"Group\")\nFinal Results\n \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 2016.\n2016 and Post Period Highlights:\n \nDelivering on the Risk Management Strategy: Protecting Capital and Maximising Value in a Lower for Longer Oil Price Environment\n \nSuccessful Partnering: \n· Zero cost aspiration achieved with completed Eni farm-out in Rabat Deep, Morocco: secured funding to drill the JP-1 prospect (768mmbbls gross mean prospective resources), expected in Q1, 2018\n \nDemonstrated Capital Discipline:\n· Robust balance sheet - no debt with year-end cash position of US$25.0 million, exceeding all work programme commitments\n· Farm-in recovery of Rabat Deep investment costs received post year-end\n· Company restructuring and optimisation of key personnel resulted in annual cash overhead reduction from US$9.4 million to US$5.0 million over the last four years\n· All 2D and 3D seismic programmes opportunistically negotiated at advantageous rates\n \nActively Managed the Portfolio to Ensure Best Opportunity for Drilling:\n· Secured Mohammedia Offshore, Morocco - contains the LKP prospects that show significant follow-on potential in the success case of JP-1 (in adjacent acreage)\n· Award of Kenitra Offshore, Morocco - capturing the LKP prospects that extend from Mohammedia into this region\n· Decision not to enter drilling phase of licence C-19, Mauritania, without third party funding \n \nMaturation of Portfolio for Long-Term Sustainable High Impact Drilling Programme:\n· Drill ready inventory with four prospects identified - individually transformational even at lower oil prices\n· Extensive 3D seismic programmes executed in Namibia and Brazil, fulfilling all commitments\n·...