9th Sep 2013 09:28
LONDON (Alliance News) - Chariot Oil & Gas Limited Monday said the results of an independent audit of the resource potential at its central area blocks in offshore Namibia show a large scale opportunity for the company.
The exploration-and-development oil and gas company, with licenses in Namibia, Brazil, Mauritania and Morocco, said the study found a prospective oil resource of 469 million barrels of oil with a geologic success of 22% at Prospect B, its principal drilling candidate.
The company said the study evaluated an entire area of 3,500 square kilometres, using 3D and 2D seismic data, along with information incorporated from nearby drilling activity.
The company said the audit uncovered an increase in the resource across its central area blocks, as it now believes the upper cretaceous prospects in the total area hold an unrisked gross mean prospective oil resource of between 213 million barrels and 1,487 million barrels.
"The independent audit of the prospective resource potential of the central area blocks demonstrates the giant scale of the opportunity that exists within the Chariot portfolio, " Chief Executive Larry Bottomley said in a statement.
He added: "We have started the farm-out process to identify potential partners to join us in the exploration of this new and emerging province."
Chariot Oil & Gas shares were up 0.75 pence, or 4.0% to 19.50 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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