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Chariot

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Chariot Oil & Gas completes 3D seismic survey in Namibia

8:33 am by Sergei BalashovThe survey targeted an area that contains 11 leads with a combined prospective resource potential of 3.972 billion barrels of oil

Chariot Oil and Gas (LON:CHAR) has acquired 3D seismic data of “excellent quality” covering 3,500 square kilometres to identify further drilling targets on its Namibian acreage.

The survey covered the company’s Central Blocks offshore Namibia, targeting an area in the northeast section of the licence that contains 11 leads with a combined prospective resource potential of 3.972 billion barrels of oil.

Data processing and interpretation is now underway with the company expecting to report the results in the second half of the year.

“This 3D seismic survey is the largest undertaken by Chariot to date and...has provided excellent quality data despite difficult weather conditions at times,” said chief executive of Chariot Oil & Gas Paul Welch.

“The Central Blocks are the least mature of our portfolio and we look forward to receiving the processed information, which will enable us to identify further targets to include in our long term drilling campaign.”

Chariot said the leads identified within the Central Blocks, which include Licence 19, blocks 2312 A and B and Northern halves of block 2412 A and B, include analogues to the Nimrod structure on its Southern acreage with potentially two active oil prone source intervals.

Investors welcomed the update as shares in Chariot rose 1.5 percent to 125.75 pence in early deals, valuing the group at £228.4 million.