Chariot Oil & Gas Ld Prospect S Well Result, Namibia (6488D)
October 11 2018 - 2:00AM
UK Regulatory
TIDMCHAR
RNS Number : 6488D
Chariot Oil & Gas Ld
11 October 2018
11 October 2018
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Operational Update
Prospect S Well Result, Namibia
-- Prospect S well has been safely drilled to a total depth of 4,165m.
-- Well did not encounter a hydrocarbon accumulation.
-- Stacked target reservoirs were penetrated within the
pre-drill depth prognosis but were water-bearing.
-- Further analysis will be required to understand the
implications of the well results on the prospectivity of the
surrounding area.
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused oil and gas exploration company, announces the result of
the well on the Central Blocks licence offshore Namibia (Chariot
65% (Operator), Azinam 20%, NAMCOR 10% and Ignitus 5%).
The well has been safely drilled to a total measured depth of
4,165m to test the stacked targets in Prospect S. The well
penetrated the anticipated turbidite reservoir sands, in line with
the pre-drill prognosis, however the reservoirs were water-bearing.
The data collected will be used to calibrate the existing data sets
to understand the implications of the well results on the
prospectivity of the surrounding area.
The well, which was operated by Chariot and drilled by the Ocean
Rig Poseidon drillship, will be plugged and abandoned.
Larry Bottomley, CEO, commented:
"Whilst very disappointing that we have not established a
hydrocarbon accumulation in the prospect, we have learnt valuable
information about the reservoir potential of these turbidite
systems which form the primary targets across many of the prospects
within the Central Blocks portfolio. We will further evaluate the
extensive data gathered in the well to understand the implications
for the Central blocks portfolio.
Chariot has shown that it is capable of safely and efficiently
operating a deepwater well, delivering the operation within a short
timeframe to capture the optimum point of the cost cycle. With all
licence commitments now met across the entire portfolio, the
Company is fully-funded to progress our assets in Morocco and
Brazil whilst remaining vigilant to other value accretive
opportunities."
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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