Chariot Oil & Gas Ld Statement regarding media speculation (9001F)

TIDMCHAR

RNS Number : 9001F

Chariot Oil & Gas Ld

26 February 2018

26 February 2018

Chariot Oil & Gas Limited ("Chariot", or the "Company")

Statement regarding media speculation

Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, notes the recent media speculation and confirms that it is in advanced stages of completing a new equity fundraising (the "Fundraising") to provide funds to allow the Group to deliver a second well within the near term comprising the drilling of Prospect S in Namibia, in addition to the carried drilling of the RD-1 well in Morocco by Eni.

The Board can confirm that it is looking to raise approximately US$15.0 million by way of a conditional placing as well as an additional up to approximately EUR5.0 million by way of an open offer (together the "Fundraising"). It is expected that the Fundraising will take place at 13 pence and the Company will make an announcement with further details in due course.

Larry Bottomley, CEO of Chariot Oil & Gas, said:

"This fundraise will represent another major step forward for Chariot, and one which allows the Company to participate in two giant-scale wells in this calendar year whilst capturing the bottom of the cost cycle for drilling. Success in either well would be transformational, and would also de-risk significant additional portfolio in the relevant licence. This comes after continued investment throughout the portfolio during the industry downturn which has allowed Chariot to build a drilling and prospect inventory of giant-scale opportunities. We will continue to progress operations in Namibia to drill Prospect S in H2 this year to benefit from synergies with third-party operations, and, in combination with our other partners, we continue to support Eni in their operations on the RD-1 well in Morocco which is scheduled to spud in March 2018.

This demonstrates that the equity markets support Chariot's investment thesis, which is in part a testament to our performance in risk management, delivered through our excellent in-house technical team, and our continued focus on capital discipline. We look forward to welcoming new investors and are grateful for the continuing support of existing shareholders who have the opportunity to participate through the Open Offer. We appreciate both groups for supporting Chariot in a very exciting near-term drilling programme as well as for the continued development of the Company's broader portfolio in Brazil and our other permits in Morocco."

Enquiries:

For further information please visit www.chariotoilandgas.com or contact:

 
 
 Chariot Oil & Gas Limited                                    +44 (0)20 
  Larry Bottomley, CEO                                        7318 0450 
 finnCap 
  Matt Goode, Christopher 
  Raggett, Anthony Adams 
  (Corporate Finance) 
  Emily Morris (Corporate              Nominated Adviser      +44 (0)20 
  Broking)                             and Joint Broker       7220 0500 
  Cenkos Securities PLC 
    Neil McDonald, Derrick Lee 
    (Corporate Finance)                                     +44 (0)20 
    Joe Nally (Corporate Broking)    Joint Broker            7397 8919 
 Celicourt Communications 
  Mark Antelme, Henry Lerwill,                              +44 (0)207 
  Jimmy Lea,                         Financial PR            520 9261 
 
 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 26, 2018 04:37 ET (09:37 GMT)