Atlantic-focused explorer Chariot said its planned work for 2014 and beyond was now fully funded after agreeing extensions for its licences in Namibia and Morocco.
The company, which posted a $4.3million first-half loss, said was looking for significant seismic acquisitions next year as it looks for partners on its Atlantic plays.
Chariot remains debt free, with almost $40m in the bank and a further $26m due following Cairn Energy’s farm-in to its operation in Mauritania.
The company is now in talks over potential partners for the blocks in Northern and Central Namibia, with principle prospects prioritised for drilling in the central region.
“We have a clearly defined strategy which we are delivering: further expanding our footprint within the Atlantic margins by securing new acreage through success in the bid round in Brazil; managing risk and preserving our cash position with the farm-out recently announced in Mauritania; and maximising our flexibility by securing extensions throughout the portfolio,” said chief executive Larry Bottomley.
“Our detailed technical work continues across all of our licence areas as we mature the transformational opportunities within our asset base.”