Chariot Oil & Gas Wiki    

edit Executive Summary

Chariot Oil and Gas Limited (LON:CHAR) is an oil and gas exploration company with ten licences to explore three basins in Namibia. Based in Guernsey, the company was admitted to the London Stock Exchange in 2008 and operates under the name of Enigma Oil and Gas. Chariot Oil and Gas has prospective resources of 8.5bn barrels and it is looking to explore deep water prospects in West Africa. At the end of 2009, the company had $16.2m cash on hand.

edit Company History

 Key milestones in the company's history are as follows.

• 2003: Enigma Oil and Gas Exploration (Pty) Ltd. was incorporated in Namibia.
• January 2008: Enigma was acquired by Chariot Oil and Gas.
• May 2008: the company was admitted to the AIM having raised funding of £45m.
• September 2009: the company secured an extension to its exploration licences. ^[1]
• December 2009: the company announced a second 3D seismic acquisition programme in Northern blocks 1811 A&B offshore Namibia. ^[2]

Current Events

Business Model

Chariot aims to maximise shareholder return by exploring for and proving up resources from existing licences and through the diversification of its asset base through cashflow and other exploration opportunities. In the short term, it aims to explore the potential resources within its Namibian blocks with the aim of defining the potential within its licence areas. 

The Group is also exploring the possibility of further farm-out agreements to provide funding, mitigate risk and accelerate exploration activity. It currently has a farm-out agreement in place with Petrobras ^[3] and a 50% interest in block 2714A. The company is also focused on other exploration opportunities with a view to further developing its portfolio.

Products/Services