Chariot Oil & Gas Ld Operational Update (0635Q)
June 04 2018 - 2:00AM
UK Regulatory
TIDMCHAR
RNS Number : 0635Q
Chariot Oil & Gas Ld
04 June 2018
4 June 2018
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Operational Update
Central Blocks, Namibia
-- Ocean Rig Poseidon drill ship contracted to drill one firm and one optional well.
-- Fully funded drilling of Prospect S, offshore Namibia, in Q4 2018.
-- Prospect S has 459mmbbls gross mean prospective resource,
with a further future potential upside of 2.2Bnbbls in other
prospects within the Central Blocks licence in Namibia.
-- Drilling of an optional second well dependent on the outcome
of Prospect S well and ongoing partnering processes.
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused oil and gas exploration company, has secured the Ocean Rig
Poseidon, a sixth generation deepwater drillship to drill one firm
and one optional well. Chariot, the operator of the Central Blocks
licence offshore Namibia (Chariot 65%, AziNam 20%, NAMCOR 10% and
Ignitus 5%) currently anticipates that the drillship will arrive on
location in Q4 2018 and that the drilling of Prospect S will
commence shortly thereafter.
Prospect S, independently estimated as a gross mean prospective
resource of 459mmbbls and a probability of geologic success of 29%
by Netherland Sewell Associated Inc., is one of five dip-closed
structural traps, totalling 1,758mmbbls gross mean prospective
resources, that have been identified in the Upper Cretaceous
turbidite clastic play fairway. A further two higher risk-reward
stratigraphic traps, totalling 885mmbbls gross mean prospective
resources, could be de-risked through the calibration of the 6,100
km(2) of proprietary 3D seismic data on the Central Blocks with the
result of the Prospect S well.
Larry Bottomley, CEO, commented:
"We are pleased to have secured the high performance Ocean Rig
Poseidon drillship for the Prospect S well in Namibia. Operational
plans are now well advanced for the first deepwater drilling in our
Central Blocks licence in Q4 2018. We are continuing to take every
advantage of the current historic low cost drilling environment as
well as maximizing any further cost synergies by cooperating with
other drilling operations in Namibia.
Our farm-out discussions are ongoing, strengthened by this well
having already been fully funded, and we look forward to
introducing new partners to share the costs and also the
significant rewards of a discovery on Prospect S, and to accelerate
the optional drilling on the transformational follow on
potential."
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
Qualified Person Review
This release has been reviewed by Duncan Wallace, Exploration
Manager of Chariot, who is a petroleum geologist with over 15
years' experience in petroleum exploration, MSc in Petroleum
Geology from Imperial College and a member of the Petroleum
Exploration Society of Great Britain. Mr Wallace has consented to
the inclusion of the technical information in this release in the
form and context in which it appears.
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)
Henry Lerwill +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'.
ABOUT OCEAN RIG
Ocean Rig is an international offshore drilling contractor
providing oilfield services for offshore oil and gas exploration,
development and production drilling, and specializing in the
ultra-deepwater and harsh-environment segment of the offshore
drilling industry. The company owns and operates 13 offshore ultra
deepwater drilling units, comprising of 2 ultra deepwater
semisubmersible drilling rigs and 11 ultra deepwater drillships,
two of which are scheduled to be delivered to the Company during
2017 and one in 2018.
ABOUT OCEAN RIG POSEIDON DRILL SHIP
The Ocean Rig Poseidon is a 6th generation deepwater drillship
built by Samsung Heavy Industries Shipyard in South Korea in 2011.
The rig has dual activity capabilities, design and equipped for
drilling operations in water depths from 500 meters to 3,000
meters. For further information
http://www.ocean-rig.com/fleet/drillships/vessel/2
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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