“It is disappointing that Woodside has not exercised its option, but we remain optimistic regarding the potential of the Rabat Deep permits and particularly that offered by the JP-1 prospect,” said Larry Bottomley, chief executive of Chariot.
“These are challenging times for oil and gas companies and investment decisions are being affected as a result. As mentioned previously, partnering is tougher, but we also believe that this climate can be an opportunity for those who are looking to take advantage of high potential assets, such as those within our portfolio. Whilst the nature of the market is cyclical, the prospectivity that we see within our licences remains transformational and Chariot’s strong cash position will enable us to take advantage of opportunities to further enhance our asset base.
“We look forward to continuing to work with Woodside and ONHYM on the development of the Rabat Deep permits.”
Source: Oil and Gas Technology