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Chariot Oil posted a loss of £1.9m in its half year results for the six months period ending 30 June 2019.
The company said that it was debt free and had a cash balance of $12.1m as of 30 June 2019, with all work commitments, which are less than $1m, fully funded.
Chariot said that its data rooms are open across the portfolio with the aim of securing a partner to drill.
One highlight was that the company had secured the new venture, Lixus Offshore Licence, Morocco, which provides a near-term development opportunity and potential for cashflow generation.
Larry Bottomley, chief executive officer of Chariot commented:
'Using the information acquired from the 2018 drilling campaigns we have not only been able to de-risk and refine our giant prospect portfolio, but also identified and acquired a low risk appraisal asset with the capacity to generate significant cash flow for the Company.'
'Chariot's risk portfolio is now balanced by a commercially attractive production opportunity, capable of sustaining the high impact exploration programmes of our giant potential prospects within the wider portfolio. Our cash position substantially exceeds our commitments and, with the significant interest received in our data rooms, we are confident about our ability to achieve on our near-term goals in Morocco.'
'At the same time, we remain vigilant to further new venture opportunities that can further de-risk the portfolio whilst also looking to secure additional partners to deliver wells in a fast follower position on our Namibian and Brazilian assets.'
At 8:49am: (LON:CHAR) Chariot Oil Gas Ltd share price was -0.21p at 3.42p