Chariot Ltd. (OIGLF)

[douginil]

Chariot Oil & Gas

[[ Thanks to Malcy's Blog ]]

Chariot has announced that CEO Larry Bottomley has stepped down with immediate effect and that Adonis Pouroulis, NED and Founder of the company will take over as Acting CEO. CFO Julian Maurice-Williams has joined the board as has Exploration Manager Duncan Wallace as new Technical Director.

Chariot remain on track to extract the maximum from the Anchois discovery at the Lixus licence in Morocco and ‘believes that the asset has the potential to deliver near term cash flows to the business’, has ESG credentials and remains an ‘attractive asset for potential farm-in suitors’.

Chariot has also said that it plans to evaluate other opportunities available to it and continues to benefit from a strong financial position, with a cash balance of US$9.6 million as at 31 December 2019 with no remaining work commitments. Acquisitions would have to be accretive to shareholders and it is clear talking to the company today that value added deals are being looked at already.

Read at:
https://www.malcysblog.com/2020/07/oil-price-chariot-deltic-cairn-and-finally/