Tight rig market delays Namibia well

Offshore staff

LONDONChariot Oil & Gas is having difficulty finding a rig to drill its first exploration well offshore Namibia.

The company had hoped to spud the well on the Tapir South prospect in northern block 1811 A before year-end. However, the market for deepwater rigs has tightened, making it difficult to secure an appropriate unit for a one-well program off Namibia without paying a significant premium.

Tapir South is drill ready. All long-lead items for the well have been delivered, all service contracts signed, the support base is secured, and the drilling permit granted. But the rig Chariot was aiming for has been contracted by another operator for a longer program.

As a result, the rig will no longer be coming into the area during the required timeframe.

Chariot is now negotiating for other available rigs and expects to spud the well in 2Q 2012.

11/30/2011



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