Last checked at 6 Jul 2010 07:00
For immediate release 6 July 2010
Chariot Oil & Gas Limited
('Chariot', the 'Company' or the 'Group')
Update re. Processed Seismic Data
Chariot Oil & Gas Limited (AIM: CHAR), the Africa focused oil and gas exploration company, today announces that it has received the processed 3D seismic information in both time and depth for the Northern and Southern blocks following the extensive acquisition programmes that were completed across these licences offshore Namibia.
As previously noted, the 3D seismic programmes were part of the largest exploration programme undertaken offshore Namibia to date, totalling 4,500km² and the breakdown across each block is summarised below:
·; 1811 A & B (Northern Blocks) - 1,500km²
·; 2714 A & B (Southern Blocks) - 3,000km²
Having received this information, which is now available for review in Chariot's dataroom in London, the Company will commence mapping and interpretation of the data across each block of interest in order to further define targets for drilling.
Paul Welch, CEO commented, "This is a significant step forward for us in our exploration efforts. The quality of the data set is excellent, and has exceeded our expectations. This data will allow us to more accurately determine the volumes in all our prospects while significantly enhancing the potential for a successful drilling campaign - the next step in our exploration programme. We look forward to showing this to prospective partners when they visit us over the coming weeks."
For further information please contact:
| Chariot Oil & Gas Limited | +44 (0)20 7318 0450 |
| Paul Welch, CEO |
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| Ambrian Partners Limited (Broker and NOMAD) Richard Swindells | +44 (0)20 7634 4856
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| Buchanan Communications | +44 (0)20 7466 5000 |
| Bobby Morse, Ben Romney, Chris McMahon |
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NOTES TO EDITORS
About Chariot
Chariot Oil & Gas Limited (www.chariotoilandgas.com) is an independent oil and gas exploration group. The Group currently holds licences covering eight blocks in Namibia, all of which are offshore. All of these blocks are currently in the exploration phase.
Shares in Chariot Oil & Gas limited are admitted to trading on the AIM Market of the London Stock Exchange under the symbol 'CHAR'.