Chariot lifts Namibian resource estimate

Offshore staff

LONDON -- Chariot Oil & Gas has upgraded the resource potential in its exploration blocks offshore Namibia.

This follows the mapping and interpretation of new 3D seismic datasets received early in July for blocks 1811 A&B in the north and blocks 2714 A&B in the south, and final interpretation of 2D seismic over the company’s central blocks offshore Namibia.

Chariot has identified a further 1.5 Bbbl of unrisked prospective resources, pushing the total gross resource volume to over 10 Bbbl. The company also reports an increased Chance of Success across its prospect and lead inventory.

In northern block 1811A, Chariot confirms the various Tapir structural leads as prospects with the addition of draping fan sands providing stratigraphic trapping upside. There is evidence of direct hydrocarbon indicators and work is under way to quantify the significance.

Further geologic studies suggest the probable presence of a rich, oil-prone Cenomanian to Turonian source rock in 1811 A&B which is mature for oil generation. The studies also confirm Chariot’s assessment that good quality turbidite sandstone reservoirs are likely present in both Upper Cretaceous and Tertiary levels over the mapped prospective areas.

In southern block 2714, interpretation has revealed multiple structural closures at several target levels in the Upper Cretaceous, Albian, and Barremian levels. Additional stratigraphic upside has been mapped at the Barremian level, also the setting got Tullow’s Kudu gas field.

Geologic studies have shown that the probable source levels in the synrift and/or basal drift interval are in the oil window in the kitchen areas underlying block 2714. The same oil prone source rocks are buried significantly deeper and in the gas window below the Kudu field. For this reason, Chariot believes the phase of any charge in its prospects will be oil rather than gas.

All the company’s Namibian blocks are 100% owned and operated by its subsidiary Enigma Oil & Gas Exploration (Pty), apart from southern block 2714A in the South, which is 50% owned in partnership with Petrobras.

09/07/2010



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