Seismic testing and maturing of its current assets will be the main focus of Chariot’s 2014 agenda, the company said in an end-of-year statement.
The Atlantic-focused exploration company is looking to develop “at least one potentially transformational exploration well a year” in its West African licences, following a positive financial result for 2013.
After recovering the $26milliion (£16million) from Cairn Energy’s farm-in to its Mauritanian licence and abandoning the “risky” Casablanca/Safi Morocco licence , Chariot expects to close the year with a $54-$56billion balance and no outstanding debt.
In the first quarter of next year the company will focus on interpreting its existing 3D seismic data in Mauritania before securing a new partner for drilling in the region.
It is also looking to start 3D seismic surveying in its remaining Morocco licence in the first half of 2014 as well as await a third party drilling near its Northern Namibia licences before progressing with further development.
“We set out this year to ensure that the Company continued its momentum for developing its portfolio, at the same time as managing its risk and reducing its capital exposure through partnering. We have succeeded on each of these components, demonstrating our ability and commitment to delivering our strategy,” said Larry Bottomley, chief executive of Chariot.
“In the coming year, we will continue to work within this strategic framework to enable us to build towards our long term goal of delivering transformational value to stakeholders.
“Such value will only be realised by the discovery of material accumulations of hydrocarbons which remains the focus of the company.”
Recommended for you
