Chariot ups resources estimates in Namibia

Despite the declining oil price, shares in Chariot Oil & Gas edged higher on Thursday after the Africa-focused oil and gas group increased its resource estimates by some 1.5 billion barrels (Bbbls) offshore Namibia."This increase in resources is a further indication of the huge potential of our assets and the updated prospect inventory provides us with additional drill ready target," said chief executive officer Paul Welch.The total gross mean unrisked prospective resource estimate for its Southern licence 2714A now stands at 15.46Bbbls (11.2Bbbls net to Chariot)."Further technical work undertaken on the 3D seismic data acquired across this block, in which Chariot has a 50% interest, has identified additional resources within 4 new prospects and has increased the gross mean unrisked prospective resource volume in the Nimrod prospect by a further 833 million barrels, to a total of 4.6Bbbls," the statement said.---BC Chariot