4th Jun 2018 12:07
LONDON (Alliance News) - Chariot Oil & Gas Ltd said in Monday it secured a sixth generation deepwater drillship Ocean Rig Poseidon to drill one firm and one optional well at its 65%-owned Central Blocks licence offshore in Namibia.
The oil & gas exploration company said it expects the drillship to arrive at the Prospect S well in the fourth quarter of 2018with drilling commencing shortly thereafter.
Chariot said it estimates resources at the first Prospect S well to total 459.0 million barrels while the Central Blocks licence has a total of 2.2 billion barrels of resources.
The company said that drilling of an optional second well at Central Blocks licence will dependent on the outcome of Prospect S well.
"We are pleased to have secured the high performance Ocean Rig Poseidon drillship for the Prospect S well in Namibia," said Chief Executive Larry Bottomley. "We are continuing to take every advantage of the current historic low cost drilling environment as well as maximizing any further cost synergies by co-operating with other drilling operations in Namibia."
Shares in Chariot were trading 3.4% higher at 8.30 pence each on Monday.
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