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Oil and gas junior Chariot Oil & Gas (LON:CHAR) continues to look for partners across its portfolio, saying the past year had seen "fundamental" changes across the industry.
It is seeking partners in Morocco, Brazil and Namibia and is also on the look-out for new ventures, it said, releasing latest half year results.
And it has the cash to do so, being fully funded for all current commitments and to pursue additional opportunities with US$45.5mln.
Larry Bottomley, the chief executive, said: "The current business environment is one that is creating both challenges and opportunities.
"Within these market conditions we have adapted our strategy to look to protect our business whilst continuing to de-risk and develop our assets, with our underlying goal still being to create transformational value for shareholders.
"Whilst negotiations, technical evaluations and new venture analysis take time, we as a team are maintaining our focus with our clear strategy and objectives. Through our strategic positioning, strong cash balance and high margin assets we believe Chariot remains an attractive investment opportunity and we continue to look to progress the company towards realising its potential."
The firm also highlighted that its deep water, high margin asset base offered "robust" economics that can be transformational even at low oil prices.
"The giant potential identified within each of its licence areas means that, in the event of a discovery, the break-even costs are competitive," it said.
The firm posted a loss of US$4.4 million for the six months to June 30 compared to a loss of US$36.1 million in the first half of 2014, mainly due to an impairment charge of US$33.6 million for the Northern Blocks offshore Namibia reflected in the 2014 period.
City firm Cantor repeated a 'buy' stance but places the target price of 20p under review. It notes the results show a strong cash position but little activity.
Analyst Emily Ashford said: "The company has specifically focused on capital discipline, with a 50% reduction in board remuneration from May 2015.
"Chariot has obtained a licence extension in Mauritania, giving it time to carry out additional studies and further de-risk prospects prior to drilling.
She noted a data room remained open in Morocco, following Woodside’s election not to increase its equity in the licence and that Chariot was also looking for partners in Brazil for a 3D seismic programme and in Namibia for a drilling partner on Prospect B or a seismic partner.
"We still believe that Chariot is a well-funded company pursuing a sensible strategy of zero-cost exploration, with a portfolio of commitment-light exploration assets."
Chariot shares are unchanged at 7.425p