Chariot down but not out

Chariot Oil & Gas (CHAR) had a tough year. It drilled two high-risk exploration wells offshore Namibia - formerly considered one of East Africa's most exciting oil and gas frontiers - but both ended in disappointment. Unforgiving investors consequently sold off the company's shares, to the point that the market capitalisation of Chariot is now at an 18 per cent discount to its estimated cash holdings of $112m (£70m).

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