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LONDON (Alliance News) - Chariot Oil & Gas Ltd said it had been granted new licences for blocks in Namibia, and said it will aim to proceed towards the drilling phase across its Namibian portfolio following geological and financial de-risking.
Chariot was awarded a new licence covering blocks 2312 A&B and 2412 A&B, which have been renamed as blocks 2312 and 2412A. As a result of the new award, the licence enters an initial exploration period of three years, and a work programme commitment requiring the acquisition and processing of up to 1,500 kilometres squared of 3D seismic data within this time-frame.
The company had previously held the licence for the blocks but opted to relinquish this and secure a new licence to secure the best possible commercial terms during partnering negotiations.
It was also granted a new licence for the 2714A block; also a re-awarded licence, as the company had previously had a license for the block but had opted not to enter into the second renewal exploration period for it as this would have triggered a well commitment.
Chariot said its dataset in Namibia, consisting of two well results and 8,000 kilometres squared of 3D seismic data, alongside third part activity over the last year and a half, provided evidence that all elements of three working petroleum systems are present offshore Namibia.
"These re-awards are indicative of our long standing relationship with the Namibian government, the work we have carried out there to date and also our commitment to developing the exploration sector over the longer term," Chief Executive Larry Bottomley said in a statement.
Shares in Chariot Oil & Gas were trading down 0.7% at 15.89 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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