LONDON--Chariot Oil & Gas Ltd. (CHAR.LN), an Atlantic
Margins-focused oil company, Friday said that the Namibian Ministry
of Mines and Energy, has approved a one year extension to the First
Renewal Period for Block 2714A.
MAIN FACTS:
-The bock is held in partnership with Petrobras Oil & Gas
B.V.(30%) (Operator), BP PLC (BP.LN) (45%) and Chariot's wholly
owned subsidiary Enigma Oil and Gas (PTY) Ltd. (25%).
-The extension period will start on Aug. 31.
-The extension of this First Renewal Phase will allow the
partnership to complete its analysis of the drilling results of the
Kabeljou-1 exploration well in order to progress the description of
the rest of the prospectivity in the license, allowing the
partnership to take an informed decision on its forward plan for
the block and its commitments for the next phase of
development.
-The extension will also enable Chariot to evaluate and
incorporate results from a third party well that is anticipated to
take place in close proximity in the third quarter of 2013.
-Shares closed Thursday at 19.0 pence.
-Write to Iain Packham at iain.packham@dowjones.com
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