Chariot Oil & Gas (LON:CHAR) told investors it remains active as it evaluates new venture opportunities.
The company, which expects to end 2015 with about US$39mln of cash, said its team is looking to “balance the risk profile with assets of suitable fit.”
In the meantime, the company said it also continues to work towards farm-out transaction to take forward its existing exploration assets, albeit it describes the market as ‘tough’ and said the terms of any deal would reflect that.
"This year, we have continued to protect the portfolio as far as possible whilst maintaining a position of financial and technical strength in order to partner and progress in the current environment,” said chief executive Larry Bottomley.
“We remain encouraged by the interest in our datarooms and our ongoing discussions, and we will continue to focus on our prudent risk management strategy with the aim of taking our priority targets through to drilling."
For the Namibia assets, there is currently one data room open to seek a Tier 1 partner for a seismic programme.
In Morocco, the group is converting one reconnaissance licence into a full exploration licence will it is leaving another to lapse.
It extended the C-19 licence in Mauritania during 2015.
And in Brazil, a 3D seismic programme is due to be carried out in the first quarter of 2016.