Chariot Oil & Gas Ld Update on Namibia Blocks 2312 and 2412A (0420H)
05 June 2017 - 4:00PM
UK Regulatory
TIDMCHAR
RNS Number : 0420H
Chariot Oil & Gas Ld
05 June 2017
5 June 2017
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Update on Namibian Blocks 2312 & 2412A
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused oil and gas exploration company, today provides an update
on its Namibian Blocks 2312 & 2412A:
- Competent Person's Report ("CPR") completed on Blocks 2312
& 2412A (the "Central Blocks") offshore Namibia based on the
2016 3D seismic programme identifying five structural prospects
each ranging 283 - 459mmbbls gross mean prospective resources.
- Preparation for drilling in the Central Blocks has been
initiated through the commissioning of an Environmental Impact
Assessment ("EIA") for the drilling of certain prospects identified
in the CPR.
Central Blocks - CPR
Chariot, in conjunction with its partners AziNam (20%), NAMCOR
(10%) and Ignitus (5%), completed acquisition of a 3D seismic
survey of approximately 2,600 km(2) in February 2016 targeting
leads identified in the north-western area of the Central Blocks
from approximately 1,700 km of 2D seismic data acquired by the
partnership in 2015. The 2016 3D survey has been processed in
conjunction with 3,500 km(2) of legacy 3D seismic with both depth
migration and inversion products calibrated using the nearby
Wingat-1 and Murombe-1 wells.
Following an extensive evaluation of the combined 6,100 km(2) 3D
seismic dataset, Chariot has identified five new structural
prospects. These dip-closed prospects target the same good quality
Upper Cretaceous deepwater turbidite reservoirs as penetrated in
the Murombe-1 well and are modelled to have received hydrocarbon
charge from the proven, excellent quality Aptian marine source
rocks identified in both the Wingat-1 and Murombe-1 wells. These
five new prospects add to the portfolio of principally
stratigraphic prospects and leads described from the legacy 3D
seismic data.
These five structural prospects have been independently audited
by Netherland Sewell and Associates ("NSAI") who estimate gross
mean prospective resources for each prospect ranging 283 -
459mmbbls. Each of these prospects has 2 or more targets and NSAI
report the Probability of Geologic Success as ranging up to 29%.
The portfolio of dip closed structural prospects exceeds 1.75Bbbls
of gross mean prospective resources.
Prospect Unrisked Gross (100 Probability
percent) Prospective of Geologic
Oil Resources Success
(mmbbls) (Pg)
---------- ----------------------------------------- -------------
Low Best High Mean
Estimate Estimate Estimate
---------- -------------
Prospect
S 97 401 1019 459 29%
---------- ---------- ---------- ---------- ----- -------------
Prospect
T 74 254 594 283 22%
---------- ---------- ---------- ---------- ----- -------------
Prospect
U 85 344 871 393 24%
---------- ---------- ---------- ---------- ----- -------------
Prospect
V 86 302 716 339 24%
---------- ---------- ---------- ---------- ----- -------------
Prospect
W 75 252 601 284 25%
---------- ---------- ---------- ---------- ----- -------------
Central Blocks - Preparation for Drilling
Chariot, on behalf of the Central Blocks partnership, has
initiated the process to prepare for drilling by undertaking an EIA
over the new prospects identified from the 2016 seismic
campaign.
In addition, the Company is undertaking a contract strategy to
identify an appropriate drilling unit, long-lead items such as
wellheads and tubulars, auxiliary services and logistic base for
well services, supplies, helicopters and medivac. The initial scope
of work will be managed through Chariot's in-house team supported
by Mr. Robert Mwanachilenga, Country Manager and Senior Staff
Drilling Engineer, Namibia who was responsible for in-country
support for the Tapir South-1 deep water well operated by Chariot
in 2012.
The target is to undertake this drilling in H2 2018 and the
partnering process continues.
Larry Bottomley, CEO commented:
"The focus for Chariot is the delivery of transformational value
through the discovery of material hydrocarbon accumulations. The
maturation of the portfolio in the Central Blocks in Namibia has
uncovered a series of robust, low risk structural traps that are
targeting the proven play elements demonstrated in nearby wells.
These prospects have the potential for material accumulations and
success in one will significantly de-risk the remainder. The
Company is pleased to have the support of our partners to progress
preparing for a drilling programme on this highly prospective
acreage."
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
Qualified Person Review
This release has been reviewed by Duncan Wallace, Exploration
Manager of Chariot, who is a petroleum geologist with over 15
years' experience in petroleum exploration, MSc in Petroleum
Geology from Imperial College and a member of the Petroleum
Exploration Society of Great Britain. Mr Wallace has consented to
the inclusion of the technical information in this release in the
form and context in which it appears.
For further information please
contact:
Chariot Oil & Gas Limited
Larry Bottomley, CEO +44 (0)20 7318 0450
finnCap (Nominated Adviser
and Joint Broker)
Matt Goode, Christopher Raggett
(Corporate Finance)
Emily Morris (Corporate Broking) +44 (0)20 7220 0500
Peel Hunt (Joint Broker)
Richard Crichton, Ross Allister +44 (0)20 7418 8900
EMC(2) Advisory (PR/IR Contact)
Natalia Erikssen +44 (0)78 0944 0929
NOTES TO EDITORS
About Chariot
Chariot Oil & Gas Limited is an independent oil and gas
exploration group. It holds licences covering four blocks in
Namibia, three blocks in Morocco and four blocks in the
Barreirinhas Basin offshore Brazil. All of these blocks are
currently in the exploration phase.
The ordinary shares of Chariot Oil & Gas Limited are
admitted to trading on the AIM Market of the London Stock Exchange
under the symbol 'CHAR'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEADKAEEEXEFF
(END) Dow Jones Newswires
June 05, 2017 02:00 ET (06:00 GMT)
Chariot (LSE:CHAR)
Historical Stock Chart
From Apr 2024 to May 2024
Chariot (LSE:CHAR)
Historical Stock Chart
From May 2023 to May 2024