Strategy

Chariot’s goal is to create transformational stakeholder value through the discovery of material accumulations of hydrocarbons.  This will be achieved with a focused strategy:

Access

  • Secure large acreage positions in new and emerging basins
  • Take operated position in the early phases to maintain control over destiny
  • Build a diversity of basins and plays
  • Retain broad portfolio and risk profile

De-risk

  • Position the portfolio as a Fast Follower
  • Apply appropriate risk reduction technologies
  • Levered partnering at investment phases
  • Maintain portfolio diversity and management
  • Maintain Capital Discipline

Drill

  • Build a Drill-ready Inventory: 3 drill-ready prospects in Morocco, 2 in Namibia, 1 in Brazil
  • Accelerate the drilling programme: Rabat Deep 1 Q1 2018;  Prospect S H2 2018; Kenitra – 1* H1 2019
  • Return transformational shareholder value by the early monetisation of discoveries

*Subject to partnering

Delivering on the Strategy

Access

  • Secured large equity positions in high potential, new and emerging basins characterised by flexible work programmes and excellent contract and commercial terms
  • Currently operator of all but one licence – with operatorship transferred for drilling
  • Aquired a balance of assets in three countries, four plays in five licence areas

De-risk

  • De-risked multiple assets at low cost through seismic, partnering and third party drilling
  • Levered partnering with major industry players: Eni, Woodside, Cairn, BP and Petrobras
  • Actively managed the portfolio with both relinquishments and acquisitions
  • Demonstrated capital discipline, reducing annual cash from $9.4m in 2013 to $4.2m in 2017

 

Drill

  • Demonstrated operational capability by successfully operating a deep water well and multiple seismic programmes
  • Built a giant-scale drill-ready inventory of high quality opportunities using in-house skills and experience – key to success in farm-outs
  • Secured funding for 2018 drilling, with further partnering anticipated for the 2019 programme