Chariot Oil&Gas Limited Ord 1P (CHAR)

Chariot Oil & Gas says it seeks to continue to de-risk its asset base whilst maturing multiple prospects for drilling. And it says it also remains fully committed to creating transformational growth for shareholders. Chariot says that over the past year it has acquired substantial datasets that have served to significantly enhance the team’s understanding of its acreage and further develop its prospect inventory. Chief executive Larry Bottomley says: “We have also diversified our risk portfolio through the acquisition of acreage offshore Morocco, Mauritania, and, more recently, Brazil. In doing so, we are building a balanced portfolio of high potential assets as well as further exposing the company to additional transformational prospect opportunities. “Whilst no drilling will take place during 2013, this will be a busy year of development and growth as we look to de-risk and mature the portfolio through the evaluation of our extensive 3D seismic databases and integration of well results, including those of nearby third-party drilling activity. “We are focused on preserving our cash through prudent asset and prospect selection and through seeking partners who will provide access to third party funding as well as further validation of the potential of our assets.”