Chariot seeking to balance portfolio

2nd Nov 2009 08:50

Debt free exploration firm Chariot Oil and Gas has yet to see any revenue from its assets but plans to address this by focusing on securing assets with low exploration costs and nearer term production capability.At the same time, the company will continue to develop its interests in Namibia, which it described as 'a high impact high return exploration opportunity.'The company announced sharply reduced losses at the interim stage, with the pre-tax loss in the six months to the end of August totalling $1.49m, versus a loss of $11.03m the year before, when the company incurred costs of $1.83m relating to its flotation, as well as share option expenses of $2.64m and finance expenses of $5.86m.The company had cash balances at the end of August of $19.5m, down from $28.8m at the end of August 2008.