Chariot Oil & Gas said it would focus on risk management going forward as it updated the market ahead of its full year results.

The company said it had continued to diversify and balance its portfolio through the acquisition of further licence areas, including Casablanca/Safi, Loukos and Rabat Deep, in Morocco.

This served to both further broaden its West African focus and also de-risk the exploration portfolio.

Chariot now operates in frontier, emerging and proven hydrocarbon provinces with highly prospective acreage positions across three countries and five basins.

The firm said it had acquired a significant amount of new proprietary information through its 2012 drill programme.

Its prospective resource inventory is currently under review and hit intends to provide an updated prospect inventory and consequential work programme in the first first quarter of 2013.

New Chief Executive Larry Bottomley, said Chariot's strategy remained centred around "creating transformational growth through the discovery and development of new hydrocarbon provinces".

On Thursday the business announced resignation of Chief Executive Officer (CEO) Paul Welch along with a board shake-up.

Welch will leave to pursue other business interests.

Meanwhile, Mark Reid has been appointed Chief Financial Officer, bringing more than 20 years of experience in financial services and investment banking including his previous work at Aurelian Oil & Gas Plc and BNP Paribas Fortis.

MM

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