REG - Chariot Oil & Gas Ld - Full Year Results 2016 <Origin Href="QuoteRef">CHARC.L</Origin> - Part 3

ChariotAnnouncement

15/03/2017 07:07

- Part 3: For the preceding part double click  ID:nRSO4891Zb 

(46,332)          
 Outstanding at the end of the year                  1,559,873         1,421,267         
 Exercisable at the end of the year                  532,978           557,398           
 
 
21 Contingent liabilities 
 
From 30 December 2011 the Namibian tax authorities introduced a withholding
tax of 25% on all services provided by non-Namibian entities which are
received and paid for by Namibian residents. From 30 December 2015 the
withholding tax was reduced to 10%.  As at 31 December 2016, based upon
independent legal and tax opinions, the Group has no withholding tax liability
(31 December 2015: US$Nil). Any subsequent exposure to Namibian withholding
tax will be determined by how the relevant legislation evolves in the future
and the contracting strategy of the Group. 
 
22 Events after the balance sheet date 
 
a)   Approval of farm-out agreement 
 
On 9 January 2017 the Company announced that the farm-out signed between its
wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Limited and a
wholly owned subsidiary of Eni, which was detailed in the announcement of 30
March 2016, had been approved for the Rabat Deep Offshore permits I-VI by the
Moroccan authorities. As a result of this approval, operatorship of these
permits has been transferred to Eni. 
 
The licence ownership is now as follows: Eni (operator, 40% equity interest),
Woodside (25% equity interest), Chariot (10% equity interest) and Office
National des Hydrocarbures et des Mines ("ONHYM") (25% carried interest). 
 
b)   Award of Kenitra Offshore Exploration Permit 
 
On 16 February 2017 the Company announced that its wholly owned subsidiary,
Chariot Oil & Gas Investments (Morocco) Limited, had been awarded a 75%
interest and operatorship of the Kenitra Offshore Exploration Permit
("Kenitra"), Morocco in partnership with the Office National des Hydrocarbures
et des Mines ("ONHYM") which holds a 25% carried interest. 
 
This information is provided by RNS
The company news service from the London Stock Exchange