Key Developments: Chariot Oil and Gas Ltd (OIGLF.PK)
0.38USD
21 May 2013
$0.04 (+11.76%)
$0.34
$0.37
$0.38
$0.34
29,000
5,926
$2.05
$0.26
Latest Key Developments (Source: Significant Developments)
Chariot Oil and Gas Ltd Announces Acquisition of Four Exploration Licences
Chariot Oil and Gas Ltd announced that it has, subject to final contract, been successful in its bids for a 100% interest and operatorship in four shallow-water exploration licences, BAR-M292, BAR-M-293, BAR-M-313 and BAR-M-314, in the Barreirinhas basin, offshore Brazil. The acreage position of the combined licences totals 768 square kilometers and the blocks are located 70 kilometers offshore in water depths ranging from 25 meters to 1,700 meters. The award of these licences is subject to the signature of a concession agreement between the Company and the Brazilian National Agency of Petroleum, Natural Gas and Bio Fuel (ANP). Under the terms of the Agreement, the Company will satisfy its work commitments through the acquisition and processing of 3D seismic covering the entirety of each block during an initial exploration period of five years. Full Article
Chariot Oil and Gas Ltd Announces Completion Of Seismic Acquisition In Block C19, Mauritania
Chariot Oil and Gas Ltd announced that it has completed its 3500km2 3D seismic acquisition programme in Block C19 offshore Mauritania. The survey was contracted to and carried out by Fugro-Geoteam AS and targeted an area in the South Western section of the block. Once the data has been processed, it will be interpreted in-house with the aim of identifying prospects for drilling. Full Article
Chariot Oil and Gas Ltd Announces Senior Management Changes
Chariot Oil and Gas Ltd announced the with immediate effect, Paul Welch has stepped down as Chief Executive Officer (CEO) of Chariot and will leave the Company to pursue other business interests. Larry Bottomley, previously Executive Chairman, has replaced Paul as CEO and Philip Loader, previously Non-Executive Director, has been appointed Non-Executive Chairman. Mark Reid has been appointed to the Board as Chief Financial Officer (CFO). Full Article
Chariot Oil and Gas Ltd Announces Board Changes
Chariot Oil and Gas Ltd announced that Larry Bottomley has been appointed as Executive Chairman with immediate effect. Adonis Pouroulis remains on the Board in the role of Non-Executive Director. Full Article
Chariot Oil and Gas Ltd Announces Acquisition Of Additional Offshore Exploration Block, Morocco
Chariot Oil and Gas Ltd announced that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd., has entered into a petroleum agreement (the Agreement) with the Government of the Kingdom of Morocco (Morocco) for a 75% interest and operatorship in offshore licence Rabat Deep. Rabat Deepis located adjacent to the Company's recently acquired Loukos and Casablanca / Safi licences and covers an area of 10,782km², giving Chariot an aggregate acreage position of 16,207km² offshore Morocco. Full Article
Chariot Oil and Gas Ltd Announces 3D Seismic Programme Contract Signed For Block C19, Offshore Mauritania
Chariot Oil and Gas Ltd announced that it has signed a contract for acquisition of a 3,500km2 3D seismic survey in Block C19 offshore Mauritania. The Company has contracted Fugro-Geoteam AS to carry out the programme in water depths ranging from 30m to 2,000m. The programme is expected to commence on November 15, 2012 and the acquisition is anticipated to take approximately 90 days to complete. Block C19, in which Chariot holds a 90% stake, is located in the Central Atlantic Margin, offshore Mauritania. The 3D survey will cover the southern portion of the block containing an extension of both Tertiary and Cretaceous age deep marine sandstone plays. These plays are anticipated to be charged by the same prolific mid Cretaceous age source rocks proven effective by fields and discoveries in adjacent acreage. The 3D survey is intended to identify both structural and stratigraphic traps with the latter offering potential for trap sizes. Full Article
Chariot Oil and Gas Ltd's Chariot Oil & Gas Investments (Morocco) Ltd. Enters Into Agreement With Maghreb Petroleum Exploration S.A.
Chariot Oil and Gas Ltd announced that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd., has entered into an agreement with Maghreb Petroleum Exploration S.A. ("MPE") whereby MPE will transfer its 75% ownership and operational interests in two of its offshore licences, Loukos and Casablanca/Safi, to Chariot. In exchange, Chariot will take on the work commitments and obligations of the initial exploration phase for each licence. This transfer remains subject to the approval of the Moroccan authorities before it becomes effective. On approval, Chariot will hold a 75% equity interest in the Loukos and Casablanca/Safi exploration permits with the Office National des Hydrocarbures et des Mines ("ONHYM") holding the other 25%. Full Article
Chariot Oil and Gas Ltd Commences Drilling Of Kabeljou Exploration Well On Nimrod Prospect
Chariot Oil and Gas Ltd announced that drilling operations have commenced on the Nimrod prospect. This is the second well in Chariot's four to five well drilling programme offshore Namibia. The operator has confirmed that the drilling campaign began this morning on the Kabeljou (2714/6-1) exploration well using the Ocean Rig Poseidon drill ship. The Nimrod prospect is located in the Orange Basin in Southern Block 2714A where Chariot has a 25% equity interest. Petrobras Oil and Gas BV has a 30% interest in the licence and is the operator with BP Exploration (Namibia) Limited having 45%. The drilling location is 77 kilometres offshore Namibia in 360 metres of water with an estimated total drilling depth of approximately 3,350 metres true vertical depth subsea (TVDss). The drilling and logging operations are expected to take approximately 60 days and a further announcement will be made when the well results are known. Full Article
Chariot Oil and Gas Ltd Announces Acquisition of Offshore Exploration Blocks, Mauritania
Chariot Oil and Gas Ltd announced that its wholly owned subsidiary, Chariot Oil & Gas Investments (Mauritania) Ltd. has entered into a production sharing contract (Contract) with the Government of the Islamic Republic of Mauritania (Mauritania or the State) for a 90% interest and operatorship in offshore Block C19, which covers an area of 14,125 km². The Contract remains subject to routine approval by the State before it becomes effective. The Contract consists of an initial three year period, during which Chariot has agreed to reprocess the existing 2D seismic datasets and then to carry out a 1,600km2 3D seismic survey. Following the results of this work, Chariot may then elect to move forward into subsequent phases of the Contract which would involve the undertaking of exploration drilling activities. Chariot will be partnered with Société Mauritaniennede Hydrocarbures(SMH), the National Oil Company of Mauritania, which will participate with a 10% carried interest. In the event of a commercial discovery, the State will have the option to increase its interest to 15%. Full Article
Chariot Oil and Gas Ltd Announces Placing Of Ordinary Shares
Chariot Oil and Gas Ltd announced that it has conditionally placed 18,110,400 New Ordinary Shares (the Placing Shares) at a price of 170 pence per share (the Placing) to raise gross proceeds of GBP30.8 million (approximately USD48.7 million). A total of 18,110,400 Placing Shares have been placed at a price of 170 pence per share, being a discount of 8.8% to the five day volume weighted average price (VWAP) per share as at market close on March 19, 2012 (the last trading day prior to this announcement). The Placing Shares represent an increase of 9.9% in the Company's current issued share capital of 182,183,589 Ordinary Shares. The Placing is conditional, inter alia, on admission of the Placing Shares to trading on the AIM market of the London Stock Exchange plc. (AIM) (Admission). It is intended that the proceeds from the Placing will be used to further the portfolio and to provide the Company with greater leverage in its negotiations and follow up activities. The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares at the date of their issue. Admission is expected to take place, and trading in the Placing Shares commence on March 23, 2012. RBC Capital Markets is acting as sole bookrunner and broker to the Company in connection with the Placing. The Placing is not underwritten. Full Article
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