Namibia licenses offshore exploration block to Chariot

Offshore staff

LONDON – Chariot Oil & Gas Limited (AIM: CHAR) subsidiary Enigma Oil & Gas Exploration (PTY) Ltd. has received a new license for existing block 2714B.

The Ministry of Mines and Energy granted the license which gives Chariot all of the original area of the block. Chariot had relinquished 50% upon entering the first renewal phase in 2010.

Chariot remains operator with 85%. The Namibian State Oil Co. (NAMCOR) holds 10% and Quiver Oil & Gas (PTY) Ltd. holds 5%,

The licence enters the first exploration phase, which covers a four-year period, and the partnership has a work program commitment to acquire 2,000 km (1,243 mi) of 2D or 250 sq km (96.5 sq mi) of 3D seismic within this time.

As reported, a new play system has been identified in this licence owing to information from the Kabeljou-1 well data. A seismic program, expected to commence in the second half of 2014, will be designed following the integration of additional geological studies and third party drilling results. There are several other operators with drilling plans offshore Namibia. They include HRT Walvis and Repsol, among others.

6/20/2013

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