Chariot Oil & Gas loss $4.4 millionStaff writer ▼ | September 24, 2015
Chariot Oil & Gas announced its unaudited interim results for the six month period ended June 30, 2015. The group incurred a loss of $4.4 million.
Chariot Oil & Gas The group is debt free
The group incurred a loss of $4.4 million for the six months ended 30 June 2015 (30 June 2014: $36.1 million). The decrease in the loss between the two periods is primarily due to an impairment charge of $33.6 million for the Northern Blocks offshore Namibia reflected in the 2014 period.
Other administrative expenses of $2.5 million are lower than last year (30 June 2014: $3 million) mainly due to the 50% reduction in board remuneration from May 2015 combined with other cost savings.
Share-based payments charges of $0.6 million are lower than the $0.9 million incurred for the six months ended 30 June 2014 due to the vesting of historic awards of employee deferred shares.
Net cash outflow from operating activities before changes in working capital of $2.3 million is lower than the $2.8 million for the six months ended 30 June 2014 due to cost savings in other administrative expenses.
Capitalised exploration costs in the period of $6.3 million (30 June 2014: $13.9 million) were funded by existing cash, working capital movements and farm-in proceeds. ■