Chariot Oil and Gas Ltd (CHAR)

Chariot Oil and Gas Ltd (CHAR)


Chariot Oil & Gas Limited, an independent oil and gas exploration group, focused on the exploration of the South Atlantic margins, specifically Namibia, today announces details of a Placing and the Admission of its Ordinary Shares to trading on AIM, a market operated and regulated by London Stock Exchange plc. Based on the Placing Price of 130 pence per Ordinary Share, the Company is expected to have a market capitalisation of approximately £183.5 million at Admission. KPMG Corporate Finance is acting as Nominated Adviser and BMO Capital Markets Limited is acting as Broker to the Company.

The Directors consider that Chariot offers the following investment highlights:
• a portfolio of oil and gas exploration Licences in Namibia, covering ten Blocks, eight of which are offshore and two of which are onshore;
• the engagement of HRT Petroleum, a global petroleum system specialist, who is applying the same suite of analysis tools which have previously led to large discoveries offshore Brazil;
• identification of one Prospect and six Leads to date. Three of the Leads identified comprise a multi?layer Prospect and may be considered as such;
• a mean prospective resource volume of 3.9 billion barrels of oil;
• a management team that has the exploration and commercial expertise to lead the development of the Group’s assets
• preliminary discussions underway with a potential farm?out partner to provide funding, mitigate risk and expedite exploration and potential development.

Kevin Broger, CEO of Chariot said:
“We are very pleased to announce the admission of Chariot to AIM as we believe it presents a highly prospective investment opportunity in oil and gas exploration. Namibia is a frontier exploration region with regards to oil and gas, but our exploration efforts to date strongly suggest that our Blocks may hold significant hydrocarbon accumulations. Our findings are further supported by the fact that our Blocks have analogous geology to the petroliferous provinces offshore Brazil and Angola with which they share a common geological history and petroleum system style. Admission to AIM positions us well to develop our proposition further.”

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