Thursday, December 14, 2017 10:08:05 AM
Pre Close Operational Update_Chariot O&G
The recent industry downturn has created a number of opportunities to capture significant cost reductions. Having previously taken advantage of the low seismic acquisition rates, Chariot is now focusing on the supply and demand dynamics of the deepwater drilling rig market. With rig rates at historic lows, Chariot has initiated a process to analyse how the Company can benefit from this lower cost environment. Utilising the expertise of its newly hired drilling manager, Chariot has conducted a thorough analysis of drilling cost estimates for its key prospects, feeding this data into the current partnering processes. Chariot has launched drilling preparations in Morocco and Namibia through the initiation of Environmental Impact Assessments, long lead items identification and other operational arrangements. Management believes that this preparatory work will enable Chariot to avoid unnecessary delays associated with its plans to drill three wells in the near term and to capitalise on the current low-cost environment for drilling.
Chariot O&G Corporate Presentation December 2018
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