StockMarketWire.com - Chariot Oil & Gas [LON:CHAR] continued to make progress across all of its assets in the past year despite the significant change and challenges in the industry, shareholders at the annual general meeting today were told.

And the company says it sees great opportunities in both its portfolio and in what the shifts in the business environment may create

Chief executive Larry Bottomley said: "Within this environment we have looked to focus on our strategy of risk mitigation and capital discipline and, as a result of careful management of both our balance sheet and portfolio, we are able to withstand industry turbulence and look to capitalise on market opportunities.

"In terms of risk mitigation, the team has continued to apply its technical capabilities, as shown through the substantial prospect and lead inventory that has been developed across the portfolio. Our ongoing focus on capital discipline has also been demonstrated through the dedication to levered partnerships as well as through the successful fundraising of 2014, and more recently in a 50% reduction in the Board's remuneration. Whilst this was implemented as a precautionary measure, it is indicative of the consideration of the long term interest for the Company and our stakeholders. Protecting the value of our assets and maintaining a strong position in negotiations is also crucial to Chariot's success. As recently announced, we rejected proposed amendments to the commercial terms on the AziLat farm-out agreement in Brazil as these did not reflect the high potential of the acreage and, as a result, the partnership was terminated.

"These decisions have all been taken to look to ensure that Chariot is able to protect its high quality portfolio whilst retaining the focus on progressing towards drilling.

"In line with our strategy, we are near zero cost in Morocco. As announced on the 21 April 2015, Woodside decided not to elect to take up their option to increase their holding to 50% but they continue to have a 25% working interest in Rabat Deep, and funds received from them to date have covered the back costs and costs of the 3D seismic programme. This allows us to seek an additional partner for drilling, specifically the JP-1 prospect which has gross mean prospective resources of 618mmbbls as assessed by Netherland Sewell and Associates Inc. ("NSAI"). In addition, we have also identified several material prospects within the Loukos and Mohammedia Reconnaissance licences and are excited about the prospectivity we see across our Moroccan acreage. Datarooms will open in due course for interested parties.

"Our C-19 licence in Mauritania is also near zero cost and the team has worked hard to de-risk and mature the prospect and lead inventory further to completing its proprietary 3D seismic survey. The recent Competent Person's Report from NSAI has confirmed our evaluation of the material prospective resources of four prospects of single to multi-stacked targets containing a range of estimates up to 588mmbbls. In addition, further leads have been identified offering significant follow-on potential in the success case. With the recently announced extension, we will undertake further studies in conjunction with our partners Cairn and the Société Mauritanienne des Hydrocarbures et de Patrimoine Minier on our priority targets to further de-risk them prior to drilling with an additional partner. A dataroom is open and following recent industry success in the region, Mauritania is generating increased attention from third parties. We will await further drilling activity in the area with interest. In Brazil we have identified discovery potential of between 300-500mmbbls from legacy 2D data and we will undertake our planned 3D seismic programme in 2H 2015, subject to approval of the Environmental Impact Assessment by the Brazilian authorities. A dataroom is open as we continue to seek a partner on these licences, although we will undertake the 3D acquisition independently to avoid any delays.

"In Namibia, through careful renegotiation, we have managed our risk with regard to our licence commitments. We are evaluating the data received from the 2D seismic in the Southern and Central Blocks, integrating this with previously acquired information to look to optimise 3D seismic programme locations. A dataroom remains open for potential drilling or seismic partners in the Central Blocks and further third party activity is expected within this region over the coming 12 months. Whilst both Brazil and Namibia are frontier regions and therefore have an increased risk from an exploration perspective, we see high potential for material accumulations of hydrocarbons within our licence areas.

"We also announce that at the AGM today Heindrich Ndume is retiring by rotation as a Director of the Board of Chariot. As a founder of Chariot, Heindrich has been an important member of the Board since the Company's inception and we would like to thank him for his contributions. We wish him well with his new ventures in the future. "We see great opportunities in both our portfolio and in what the shifts in the business environment may create. We remain fully-funded for all our commitments and the large scale of the prospects in Chariot's portfolio means that drilling success would generate transformational value even at current oil prices. Concurrent to this, we also continue to look to both progress and protect the value that we see in our assets and the team continues to evaluate potential new ventures as well as ensuring an ongoing focus on risk management and the delivery of our strategy."

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Aminex [LON:AEX] has agreed a six month extension to the repayment date of its corporate loan facility.

As previously announced, the company expects to produce first gas from Kiliwani North into the new Tanzanian regional pipeline in mid-2015 based on advice received from the Tanzanian authorities.

First production is dependent on final commissioning of the new pipeline and completion of the processing plant on Songo-Songo Island, which is currently on schedule, and the signing of the Kiliwani North gas sales agreement. The GSA is complete except for the finalisation of the payment protection clauses and guarantees.

Although there is uncertainty over the exact timing of a signed GSA, with first production expected mid-2015, the Company has successfully negotiated a six-month extension until 31 January 2016 of its $7.6 million corporate loan facility to enable the completion of ongoing repayment and re-financing discussions.

The company is currently in discussions with a substantial financial group which has indicated a willingness in principle to make loan finance available to Aminex which will allow the Company to pay down its existing loan obligations and continue to develop its Tanzanian licences, especially the Ruvuma PSA. While there can be no certainty that these discussions will conclude satisfactorily, the Board of the Company has a reasonable expectation that an initial part of such a facility would be available prior to the commencement of production and will not be conditional on signature of the GSA in Tanzania or commencement of production.

Aminex also confirms that the option granted to Solo Oil plc to acquire an additional 6.5% interest in the Kiliwani North Development Licence remains in force. Net proceeds from the sale would be used to reduce any corporate loans and potentially assist in developing the Ruvuma assets.

Re-financing options have been assisted by the results of the recently completed competent person's report, which attributed 28 BCF (gross) Contingent Resource to Kiliwani North gas field and 70 BCF (gross) Contingent Resource to the Ntorya gas discovery. The company expects to book reserves for Kiliwani North on signing a GSA and the commencement of production.

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Stratex International [LON:STI] said Goldstone Resources Ltd, in which it holds a 33.45% interest, has signed an addendum agreement to the original JV agreement with its Homase partner, Cherry Hill Mining Company Ltd, to expedite the increase of their interest in the Homase licence.

Under the terms of the Addendum, Goldstone's current interest of 65% in the Homase licence will increase to 90% on payment of US$25,000 to Cherry Hill. The revised Agreement will provide the following benefits to Goldstone:

· The removal of contractual hurdles to earn a 90% interest, including the requirement of expenditure towards a feasibility study to earn an 85% interest (estimated as significant), and further development expenditure to earn an additional 5% interest;

· The removal of the option of Cherry Hill to contribute to development costs and so retain a 15% interest in the licence at their election;

· The removal of the deadline to reach an 85% interest, previously 18 March 2016, and removal of Cherry Hill being able to sell up to a 25% interest to a third party if the deadline isn't met;

· Added certainty to the Company attaining ownership of an additional attributable mineral resource of 101,750 koz Au; and

· More attractive conditions of the final US$60,000 participation fee to be paid to Cherry Hill, now being on the conclusion of a successful feasibility study, rather than on commencement of expenditure towards a feasibility study, successful or otherwise.

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The sector's biggest riser was Bahamas Petroleum [LON:BPC] - up by more than 11.5% in late trading - while the biggest faller was SeaEnergy [LON:SEA] - down by more than 9%.







At 4:19pm:

[LON:AEX] Aminex PLC share price was 0p at 2.1p

[LON:AUR] Aurum Mining PLC share price was -0.12p at 1.38p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.33p at 5.5p

[LON:BPC] Bahamas Petroleum Company PLC share price was +0.23p at 2.18p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.61p at 9.76p

[LON:DGO] Dragon Oil PLC share price was -6.75p at 676.25p

[LON:ENQ] EnQuest Plc share price was -1.62p at 51.88p

[LON:FOGL] Falkland Oil Gas Ltd share price was -0.25p at 29.75p

[LON:GKP] Gulf Keystone Petroleum share price was -0.25p at 35.75p

[LON:GPX] Gulfsands Petroleum PLC share price was +1.13p at 12.75p

[LON:INDI] Indus Gas Ltd share price was -2.5p at 121p

[LON:PET] Petrel Resources PLC share price was +0.01p at 3.13p

[LON:RKH] Rockhopper Exploration PLC share price was -1.5p at 76.5p

[LON:RPT] Regal Petroleum PLC share price was -0.22p at 4.28p

[LON:SEA] SeaEnergy PLC share price was -1.25p at 12.5p

[LON:STI] Stratex International PLC share price was -0.05p at 1.48p

[LON:XEL] Xcite Energy Ltd share price was -1.12p at 36.38p



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