Business
Mauritania update
Mauritania update.
About this update from Chariot Limited
[{"type":"text","content":"\n \nRNS Number : 3353B Chariot Oil & Gas Ld 16 June 2016 \n\n \n16 June 2016\n \nChariot Oil & Gas Limited\n \n(\"Chariot\", the \"Company\" or the \"Group\")\n \nUpdate on C-19 Licence, Mauritania\n \nChariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company today announces that it has elected not to enter into the First Renewal Phase of the C-19 licence in Mauritania.\n \nThe Company acquired 3500km2 of proprietary 3D seismic data, undertook extensive reprocessing of legacy 2D seismic data and completed seabed coring to enable an integrated analysis and evaluation of the hydrocarbon potential and prospectivity of the C-19 block. The work undertaken by Chariot to de-risk this asset resulted in industry interest, with a number of partnering discussions reaching advanced stages, however these did not lead to a firm transaction within the defined timeframe.\n \nWhilst Chariot considers the acreage to be prospective, this decision was made in line with the Company's strategy and focus on portfolio management and capital discipline. \n \nLarry Bottomley, CEO commented: \n \n\"A fundamental part of Chariot's risk strategy is partnering through the major investment phases in our exploration programmes. This independent, third-party validation ensures that we invest the Company's capital on the best quality opportunities. Whilst we have been unsuccessful in attracting third-party funding for an exploration well in C-19, we have substantially achieved our aspiration of zero-cost exploration on this licence. While it is clearly disappointing, it is important that the Company maintain discipline in the management of risk, allocation of capital and in developing those parts of the portfolio likely to yield drilling opportunities.\n \n\"We would like to thank our partners for their support through the exploration campaign, and in particular the Ministry of Mines and Energy for facilitating our attempts to progress this licence through to drilling.\"\n \n\n\n\n\n \nFor further information please contact: \n \nChariot Oil & Gas Limited \nLarry Bottomley, CEO\n \n\n\n \n \n \n+44 (0)20 7318 0450 \n\n\n\n\nfinnCap (Nominated Adviser and Joint Broker)\nMatt Goode, Christopher Raggett\n\n\n+44 (0)20...