Chariot Ltd (AIM:CHAR, OTC:OIGLF) chief executive Adonis Pouroulis, in the company’s interim results, told investors that the company is “taking stock” following the unexpectedly bad recent well results from the Anchois project – and management is now considering the firm’s next steps with the project.
In London, the company’s shares lost more than 70% of their market value after the well result earlier this month.
“The preliminary results of the Anchois-3 well did not deliver as expected. Post-well analysis is now underway and we will collaborate with our joint venture partners to determine the forward plan for the project," Pouroulis said in the statement.
“We still see a lot of potential within the Anchois field and the wider licence area, across Lixus and Rissana, and these drilling results need to be further analysed and incorporated into our understanding of the area.”
“Alongside this work, we continue to unlock the value of the other projects in our portfolio.”
Pouroulis today noted "good progress" is being made in South Africa on the company’s financing of the Transitional Power business, meanwhile, it also retains onshore acreage in Morocco too, as well as Project Nour, a green hydrogen project in Mauritania, and its other hydrogen interests.
In terms of finances, the company noted that its cash position stood at US$3.6 million at the end of June 30 – supported by a subsequent US$9 million fundraise completed in August 2024.