Tuesday, March 21, 2017 4:25:13 AM
In 2010 Chariot’s SP increased by ~1,500% mainly driven by several resource updates starting with ~5 bn barrels of pmean resources in 1Q10 reaching ~14 bn barrels in 1Q11. Also investors positioned themselves in anticipation of drilling offshore Namibia and Oil price recovered from its <US$50/boe lows to >US$100/boe. Our Cash position at that time (March 2011) was only US$8m, whereas our Market Cap reached US$708m.
In 2017 we are currently awaiting resource updates on our acreage in Namibia Centrals West & Brazil. Also we are in anticipation mode of drilling offshore Morocco and Oil price recovered from its <US$30/boe lows to >US$50/boe. Our YE2016 Cash position was US$25m and in addition we have received a Farm-in recovery of Rabat Deep investment costs from ENI in January 2017. We currently are in the partnering process in Namibia & Morocco and will start negotiations in Brazil following a resource update on our licenses.
The Company’s aim is a recovery of some of our investment to date (>US$100m) and to drill 3 carried wells in the next 2 years.
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