Chariot Namibia Drilling Spuds in 2 Weeks! Very important IMO is Chariot drilling as earlier mentioned by IR. Chariot trades in London and is a significant oil and gas company, market cap approx $500M !
Keep the below link and follow Chariot progress.
News below from March 6th from Chariot indicates their drilling near EOG for 1Billion oil resources. Chariot in their Tapir block starts by end of March.
Success would drive our SP to Market Cap of great significance to all of us,c heers
https://www.iii.co.uk/investment/detail?code=cotn:CHAR.L&display=discussion
Chariot trades under symbol CHAR in London, market cap
06 March 2012
Chariot Oil & Gas Limited
("Chariot" or "the Company")
Signing of a Drilling Rig Contract
- First Exploration Well to Spud Early April -
Chariot Oil & Gas Limited (AIM:CHAR), the Africa focused independent oil and gas exploration company, is pleased to announce that its wholly owned subsidiary, Enigma Oil & Gas (Pty) Limited ("Enigma"), has signed a drilling rig contract with A.P. Moller Maersk A/S ("Maersk") for a one well drilling slot using the Maersk Deliverer ultra deepwater semi-submersible rig offshore Namibia. It is currently anticipated that the rig will arrive on location at the end of March 2012 and that the drilling of the Tapir South prospect will commence shortly thereafter, with Chariot as Operator.
The Tapir South prospect, part of the Tapir trend, is located in Chariot's Northern Block 1811A which is 100% owned by the Company. The well will be located 80km offshore Namibia in 2108 metres of water with a drilling depth of approximately 5,100 metres total vertical depth subsea ("TVDss").
The exploration well on Tapir South is estimated to take approximately two months to drill and is the first well in Chariot's 4 to 5 well 2012/2013 exploration programme within its highly prospective acreage offshore Namibia. A second exploration well, Kabeljou-1, is expected to be drilled in Chariot's Southern Block, 2714A, on the Nimrod prospect in the second half of 2012. Subsequent to the results of Tapir South, Kabeljou-1 and interpretation of Chariot's recently acquired 3500 km² 3D seismic in its Central blocks, the remainder of its initial drilling programme will be determined and further wells planned for 2013.
Chariot's farm-out efforts across its licences are on-going and any material developments in the process will be announced accordingly.
Paul Welch, CEO of Chariot, commented:
"We are extremely pleased to have concluded this drilling rig contract with Maersk and to provide an anticipated spud date for our first exploration well offshore Namibia. Despite the tight rig market we have secured an excellent drilling rig for the Tapir South prospect with a highly reputable contractor.
"This will be only the second well ever to have been drilled in the Namibe Basin and we look forward to commencing our operations and updating the market with our progress in due course."