Chariot pleased with interest in Namibian assets

5th Nov 2010 17:08

Namibia-focused Chariot Oil & Gas says there are "excellent levels of interest from a range of blue chip companies" in its oil and gas exploration assets.AIM-quoted Chariot says that it has invested a number of companies to its dataroom and it has had to extend the period by 3 weeks. This means that a farm-in agreement won't be completed until early 2011 at the earliest. The rise in the reported loss from $1.49m to $2.36m in the six months to August 2010 was down to a share-based payments charge of $618,000 and a sharp fall in interest income. Chariot spent - and capitalised - $2.37m on exploration in the six months to August 2010.Gross mean unrisked prospective resources have increased from 5.2bn to 8.5bn barrels.There was $13.4m left in the bank at the end of August 2010. Since then, Petrobras has paid $520,000 relating to the recharge of exploration costs. Chariot holds 30,503km² of exploration acreage, which is the second largest position offshore Namibia.