Chariot Oil & Gas in its unaudited interim results and operational update for the six-month period ended 30 June 2016 announced that it is in a strong financial position with $29million in cash and no debt.The company also announced that in the first six months of the year, it successfully collaborated with Eni in the Rabat Deep exploration permits offshore Morocco.

According to the Atlantic margins focused Oil and Gas Exploration Company, the RD-1 well will be drilled on the JP-1 prospect in 2017. The well is to be operated by Eni, after the Governmental approval process and the transfer of the operatorship of Rabat Deep has been concluded.

“Chariot continues to pursue its strategy of acquiring frontier acreage, maturing the portfolio and partnering to drill to create transformational value for shareholders through the discovery of material reserves. In the reporting period, we have secured the Mohammedia exploration permits in Morocco, matured the portfolio in those permits and the Southern blocks of Namibia, acquired extensive 3D seismic programmes in Namibia and Brazil, and successfully secured a drilling partner with Eni in the Rabat Deep permits in Morocco. Capital discipline is an ongoing focus and the strength of our approach to this, which has enabled the ongoing development of our asset base, is reflected in our cash balance,” Larry Bottomley, Chief executive of Chariot Oil and Gas, said.

He added that the next phase across the company’s portfolio is to create value and partner with a target of drilling three wells within the next two years, Energy-pedia reports.

Anita Fatunji