Chariot Oil and Gas, has failed to secure a drilling rig for its exploratory campaign off the shore of Namibia.
In an announcement issued today the firm says: "the market for deepwater rigs has tightened markedly, making it more challenging to secure an appropriate rig to carry out a one-well programme in Namibia without paying a significant premium."
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chariot's chief executive, Paul Welch, says the firm still expects to have completed a well by the middle of next year: "Whilst it is disappointing not to have secured a rig to drill Tapir South this year, we continue to negotiate other options at commercially attractive rates. The rig market is tight but also very dynamic and whilst we are looking to drill as soon as possible next year, we need to manage this to optimise our drilling programme going forward."
Shares in chariot had fallen 15% by 10:12. Over the last six months, the stock has fallen 53%
BS
-
1.9 million owed £240 million in unclaimed energy credit – are you due a payout?Energy regulator Ofgem is urging home movers to check if they’ve got credit stuck in old accounts
-
More pensioners dragged into 60% tax trap – could you be caught?Frozen thresholds are pushing more older workers into paying income tax at levels much higher than the headline rate, new figures show. We look at why and how you can avoid being caught in the 60% tax trap.
