Chariot Oil & Gas Ld Operational Update (4781M)
30 April 2018 - 4:01PM
UK Regulatory
TIDMCHAR
RNS Number : 4781M
Chariot Oil & Gas Ld
30 April 2018
30 April 2018
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Operational Update
Rabat Deep 1 Well Result, Morocco
-- The Rabat Deep 1 well has been safely drilled to a total depth of 3,180m.
-- The well did not encounter a hydrocarbon accumulation.
-- The well did penetrate thick top seal and tight, fractured
carbonates in the primary Jurassic target, as evidenced by
extensive losses of drilling fluid, with limited hydrocarbon
indications.
-- Further analysis will be required to understand the
implications of the well results on the prospectivity of the
surrounding area.
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused oil and gas exploration company, announces the result of
the well on the Rabat Deep Permits in Morocco (Eni Maroc B.V. 40%
(operator), Woodside Energy (Morocco) Pty Ltd 25%, ONHYM 25%,
Chariot Oil & Gas Investments (Morocco) Limited 10%). Chariot
was fully carried for the drilling of the Rabat Deep 1 well as part
of the farm-out to Eni which was approved in January 2017.
The Rabat Deep 1 has been drilled to a total measured depth of
3,180m to test the JP-1 prospect. The well penetrated a thick top
seal and drilled into the primary target encountering tight,
fractured carbonates as evidenced by extensive losses of drilling
fluid. As a consequence, only limited cuttings were recovered from
the primary target and some limited hydrocarbon indications were
observed. Electric log data and side-wall cores have been acquired
and detailed analyses will now be undertaken. The data collected
will be used to calibrate the existing data sets to understand the
implications of the well results on the prospectivity of the
surrounding area.
The well, which was operated by Eni Maroc B.V. and drilled by
the Saipem 12000 drillship, will now be plugged and abandoned.
Larry Bottomley, CEO, commented:
"Whilst the results of the Rabat Deep 1 well are very
disappointing, the fact that we encountered tight carbonates in the
Jurassic target with a thick top seal will be invaluable in
calibrating the existing data sets and determining the implications
for the prospectivity in the Rabat Deep Permits. Rock properties
from the top seal and some thin sands encountered in the overburden
will allow an improved description of the Cretaceous siliciclastic
play that Chariot is targeting in the neighbouring Mohammedia and
Kenitra permits where we operate with 75% equity.
We will continue to evaluate the well data and the implications
of these results on the surrounding area, before discussing next
steps with our partners Eni, Woodside and ONHYM.
Separately, Chariot is on track and fully funded to drill
Prospect S in Namibia in the second half of 2018 targeting a gross
mean prospective resource of 469mmbbls. We will update the market
as progress is made towards the commencement of drilling."
Investor Conference Call:
Management of Chariot will host a conference call for investors
at 11.00 am (GMT) 2 May 2018 to discuss the Rabat Deep 1 well. Dial
in details for the call are shown below and participants should
request to join the 'Chariot Oil & Gas Investor Call'.
Dial in number: +44 (0)330 336 9105
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
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
Celicourt Communications (Financial PR)
Mark Antelme, Henry Lerwill, Jimmy Lea, +44 (0)207 520 9261
NOTES TO EDITORS
ABOUT CHARIOT
Chariot Oil & Gas Limited is an independent oil and gas
exploration group. It holds licences covering two 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, a market operated by the London
Stock Exchange under the symbol 'CHAR'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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