Chariot Ltd (AIM:CHAR, OTC:OIGLF) has reiterated its intention to deliver a "prompt" final investment decision (FID) on the Anchois gas development, offshore Morocco.
This would be the final green light required ahead of construction and production, which would unlock what the group described as "material cash flows".
Anchois was initially discovered by Repsol in 2009 but was considered by the Spanish group to be marginal.
Chariot enjoyed success with the Anchois-2 appraisal well, which uncovered 150 metres of net pay – almost triple pre-drill expectations.
Earlier this month, it raised almost US$30mln in an oversubscribed share placing to fund the front-end engineering and design on the project and other work required to get Anchois to FID.
There was also capacity in that budget to progress its renewable power pipeline, and strategic partnering and new venture opportunities.
“As a nimble and entrepreneurial team, we will continue to leverage our network and utilise our expertise to seek out new ventures where we can play a key role and that fit within our ethos and strategy,” said the acting chief executive Adonis Pouroulis.
“We are excited about the potential that sits within our current portfolio, as well as opportunities that the future holds.”
His comments were made alongside full-year results from Chariot. The group’s loss for the period was US$7mln. Crucially, the placing and open offer proceeds leave it well funded for its next stage of development.