Chariot Oil Raises $147 Million in New Shares to Fund Wells

Chariot Oil & Gas Plc (CHAR), a driller focused on Namibia, raised 90 million pounds ($147 million) by selling shares to fund this year’s drilling program. The shares fell the most in almost a year in London.

Chariot Oil plans to find a partner to explore its offshore acreage in the African country by the end of the month, the St. Peter Port, Guernsey-based company said in a statement today. It plans to drill the first well in the fourth quarter, according to Chief Executive Officer Paul Welch.

“We’ve been in discussions with a lot of large integrated oil companies,” Welch said. “We’d like to get a partner interested in drilling, and not just holding the acreage.”

Chariot Oil slipped 12 percent to 270.5 pence, the biggest decline since March 23 last year. The shares have risen more than fivefold in the past year.

The company last month boosted its gross mean unrisked prospective resources to 13.9 billion barrels of oil equivalent from 3.9 billion at the time of its 2008 listing. Chariot Oil has a partnership with Petroleo Brasileiro SA, Brazil’s state-owned oil producer, to explore one of the blocks in Namibia.

Russia’s OAO Gazprom, which is expanding in Namibian gas production and power generation, has examined Chariot’s assets, Welch said, without elaborating.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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