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Chariot Oil & Gas reported narrower losses compared with last year, when the oil and gas company suffered an impairment charge in its Namibian assets.
For the year ended 31 December 2019, pre-tax losses narrowed to $4m from $15m on-year.
'The vast majority of this decrease in the annual loss is due to an impairment charge of US$10.9m in 2018 against previously capitalised drilling costs in the Namibian Central Blocks,' the company said.
'The recent restructuring to reduce ongoing costs, coupled with the fact we have no debt and no remaining work programme commitments, puts Chariot in a good position to respond to the current market uncertainty related to COVID-19 and commodity price weakness,' it added.
At 9:00am: (LON:CHAR) Chariot Oil Gas Ltd share price was +0.05p at 2.15p