Chariot Oil focuses on risk management

Chariot Oil & Gas said it would focus on risk management going forward as it updated the market ahead of its full year results.

Chariot Oil & Gas said it would focus on risk management going forward as it updated the market ahead of its full year results.

The company said it had continued to diversify and balance its portfolio through the acquisition of further licence areas, including Casablanca/Safi, Loukos and Rabat Deep, in Morocco.

This served to both further broaden its West African focus and also de-risk the exploration portfolio.

Chariot now operates in frontier, emerging and proven hydrocarbon provinces with highly prospective acreage positions across three countries and five basins.

The firm said it had acquired a significant amount of new proprietary information through its 2012 drill programme.

Its prospective resource inventory is currently under review and hit intends to provide an updated prospect inventory and consequential work programme in the first first quarter of 2013.

New Chief Executive Larry Bottomley, said Chariot's strategy remained centred around "creating transformational growth through the discovery and development of new hydrocarbon provinces".

On Thursday the business announced resignation of Chief Executive Officer (CEO) Paul Welch along with a board shake-up.

Welch will leave to pursue other business interests.

Meanwhile, Mark Reid has been appointed Chief Financial Officer, bringing more than 20 years of experience in financial services and investment banking including his previous work at Aurelian Oil & Gas Plc and BNP Paribas Fortis.

MM

Recommended

Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Three hidden gems from Japan’s overlooked stockmarket
Share tips

Three hidden gems from Japan’s overlooked stockmarket

Professional investor Eiji Saito of JPMorgan’s Japan Small Cap Growth & Income fund picks three promising stocks from Japan's vibrant but under-resear…
13 Sep 2021

Most Popular

Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
How you can profit from the power of the grey pound
Share tips

How you can profit from the power of the grey pound

Higher life expectancy and surging asset prices have proved a boon for the baby-boomer generation, which has accumulated vast wealth. Younger generati…
10 Sep 2021