Chariot racing forward in Namibia

31st May 2011 11:26

Chariot Oil & Gas expects to move towards starting its drilling campaign off the coast of Namibia later this year after making "significant progress" over the past 12 months."The exploration work has continued to enhance the Company's understanding and increased conviction of the potential of offshore Namibia and, as a result, we continue to believe that the acreage we have under licence across the Namibian margin is second to none," the company said. In the year to 28 February, pre-tax losses widened to $7.3m (£4.4m) from $3.1m."Chariot is in control of its destiny and we look forward to sharing our progress with you as we move towards commencing our drilling campaign later this year," said chief executive Paul Welch.---RG