RTT News
Chariot Oil & Gas Limited (CHAR.L) issued an update on the farm-out signed between its subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd. and a subsidiary of Woodside, which has been approved for the Rabat Deep Offshore permits I-VI by the Moroccan authorities.
As part of the farm-out agreement, Woodside committed to pay 100% of the 3D seismic acquisition and processing costs incurred across the licence by Chariot, other back costs and in addition agreed to carry Chariot on future work up to an agreed cap, including a multibeam side-scan sonar and seabed coring survey. Chariot reported that a substantial part of these funds has now been received and, as a result, the company now expects its cash balance as at December 31, 2014 to be approximately $52 million.
The company anticipates the remaining balance of the funds to be received during the first quarter of 2015.
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by RTT Staff Writer
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