Chariot Trading up 7% Today on HRT News Chariot opened in UK lower but started moving higher and was up 7% earlier today and following is piece from HRT release which market may respond similar to Chariot. The main objective of the well was to test the resource potential of the Albian age carbonate platform, which was penetrated on targeted depth, but its reservoir quality is much less developed than originally expected.
The Wingat well was initially planned to be drilled to a total depth (TD) of 4,127 meters, but because of the potential to drill deeper to test the presence of turbidite reservoirs and the opportunity to penetrate and to sample the main source rock, the consortium decided to go deeper, to a final TD of 5,000 meters. This decision was also supported by the increasing concentrations of hydrocarbon shows present in the well below of the depth of 1,500 meters. The Wingat-1 was drilled in 68 days by the semi-submersible Transocean Marianas(RIG) and within the budget.
The information obtained, coupled with the results of preliminary studies of all data collected from the well, allowed HRT to identify two well-developed source rocks, which are rich in organic carbon and both are within the oil-generating window. Also, the well encountered several thin-bedded-sandy reservoirs that are saturated by oil. HRT collected four samples of this oil, each of 450cc, and the analysis of these samples indicated the presence of light oil, 38o to 42o API, with minimal contamination. No water-bearing zones were identified in the drilled section. The well is currently in the process of being plugged and abandoned.
The fact that the source rock is in the oil window and generating liquid hydrocarbons of excellent quality confirms the source potential of the basin. As such, the results of Wingat-1 Well provide important information that will help calibrating and guiding HRT's next exploration steps in the Walvis Basin. These source rocks present in the well can charge reservoir intervals of other prospects identified in the license, including Murombe Prospect, which will be drilled next.