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UPDATE 1-Chariot Oil & Gas posts wider loss
March 20, 2012 / 8:58 AM / 6 years ago

UPDATE 1-Chariot Oil & Gas posts wider loss

March 20 (Reuters) - Africa-focused Chariot Oil & Gas Ltd reported a wider pretax loss for the ten-months ended December 2011, hurt by higher costs, and raised funds through a discounted share placing.

The company said it would raise 30.8 million pounds ($48.95 million) through a conditional placing at 170 pence a share, an 11 percent discount to the stock’s Monday close.

Shares in the firm were trading down 4 percent at 183.96 pence at 0836 GMT on Tuesday on the London Stock Exchange.

The company, which changed its accounting reference period to a calendar year, reported a pretax loss of $9.1 million for the March-December period.

It had posted a pretax loss of $7.2 million for the year ended Feb. 28, 2011.

The oil and gas explorer said it expected to explore four to five wells through the end of 2013, starting with the spudding of the second well in the Namibe Basin.

“We continue to look to develop our existing assets, consider additional farm-in options and evaluate other opportunities as we aggressively pursue our drilling campaign in Namibia,” the company said in a statement.

Chariot, which has farm-out agreements with BP and Petrobras, said it had net cash of $129 million at the end of the year, which would further help it secure farm-in opportunities.

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