Chariot Ltd. (OIGLF)

[DrillaHill]

AEC, who farmed in to Tullow’s Block last year paying PCL US$7.7m for a 10% carried interest in the Cormorant drill, has raised US$45m in May 2018:

AEC US$45m - “The expected gross proceeds from the offering will be used to finance the Company?s acquisition, drilling and other joint venture costs for its projects offshore South Africa and offshore Namibia, as well as for general corporate purposes, including listing and transaction costs.”

..would not be surprised to see them farming in to our Central Blocks to have another well scheduled for 2018!

Looking at their near term potential costs they will have to pay PCL US$5.5m “acquisition costs” in October 2018 (@ Spud of Cormorant). Their share of “drilling costs” will be free carried by Tullow. Their other Blocks are located offshore South Africa where they own 90% in Block 2B and plan to drill in 3Q19, so “drilling costs” not imminent & they intend to farm down - similar to Chariot’s strategy a firm drilling commitment may give a commercial advantage in ongoing partnering discussions. In Block 11B/12B they will have to pay US$6.9m of pastcosts and plan to drill in December 2018 for which they will have to carry one of its partners (5.1%) up to a maximum of US$7.55m + their 4.9% share to drill a well which should be less than US$3m, so less than 6m in total. All in all ~US$20m of near term potential costs.

So there should be ~US$25m left to farmin to our Blocks offshore Namibia. :D

GLA