Chariot Oil & Gas Ld Commencement of Drilling Operations (2424C)
September 28 2018 - 2:01AM
UK Regulatory
TIDMCHAR
RNS Number : 2424C
Chariot Oil & Gas Ld
28 September 2018
28 September 2018
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Operational Update
Commencement of Drilling Operations for Prospect S Well,
Namibia
-- Ocean Rig Poseidon drillship has commenced its mobilisation
with estimated arrival at the Prospect S well location in Namibia
in the next 24 hours.
-- Prospect S well is anticipated to spud shortly after its arrival.
-- Operations are expected to take approximately 40 days and
further announcements will be made as appropriate.
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused oil and gas exploration company, is pleased to announce
that the Ocean Rig Poseidon, a sixth generation deepwater
drillship, has commenced its mobilisation with estimated arrival at
the Prospect S well location in Namibia in the next 24 hours.
Chariot, the operator of the Central Blocks licence offshore
Namibia (Chariot 65%, Azinam 20%, NAMCOR 10% and Ignitus 5%)
anticipates that spud will occur shortly after its arrival and that
operations will take approximately 40 days.
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.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
For further information please contact:
Chariot Oil & Gas Limited
Larry Bottomley, CEO +44 (0)20 7318 0450
finnCap (Nominated Adviser and Broker)
Matt Goode, Christopher Raggett, Anthony Adams
(Corporate Finance) Andrew Burdis (ECM) +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'.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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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