Chariot Oil and Gas now has US $15 million in the bank to further finance acquisition of 3-D seismic data offshore Brazil and other portfolio opportunities after a new share issue.
London-listed Chariot secured the cash after a placing of 58.596 million new shares to raise gross proceeds of $15 million (£8.8 million) which it says will be used for the 2014/15 portfolio development, including the acceleration of a 3-D seismic work commitment in Brazil. It will also finance an additional new venture opportunity where Chariot already operates “to increase option value and sustain the growth potential of its portfolio”.
The 3-D program in Brazil is on four offshore blocks where it has already agreed commercial terms for a third party to meet 50% of the cost of the seismic acquisition to earn 25% equity in the license area.
An additional partnering process is also underway in Brazil, Chariot indicates, “... to further mitigate risk and share capital investment.” Subject to additional partnering, Chariot says drilling could take place there in the second half of 2016 or 2017.
An environmental impact assessment has already been carried out for the 800sq km Brazil program, which is to take place as soon as a vessel becomes available.
Elsewhere, Chariot is working on identifying on a drilling location for the JP-1 prospect, which has been identified in its Rabat Deep license offshore North Africa’s Morocco after a 1,700 sq km (656 sq mile) 3-D seismic survey. Data is currently being processed and interpreted.
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