Chariot Oil & Gas drops after abandoning Namibian well

Chariot Oil & Gas shares plunged Tuesday after the company plugged and abandoned a well in Namibia and reported a 39.2 per cent fall in its cash balance.

Chariot Oil & Gas shares plunged Tuesday after the company plugged and abandoned a well in Namibia and reported a 39.2 per cent fall in its cash balance.

Shares fell 18.33% to 24.50p at 08:00 as the group announced its Tapir South-1 well in the north of Nambia produced no commercial hydrocarbons so was abandoned.

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