28th Sep 2009 07:00
28 September 2009
Chariot Oil & Gas Limited
('Chariot' or 'the Group')
Licence Extensions and Completion of Seismic Acquisition Operations
Chariot, an independent oil and gas exploration group, is pleased to announce that its wholly owned subsidiary Enigma Oil & Gas Exploration (Pty) Limited, has received government approval to extend the initial exploration phases of its licences offshore Namibia. Chariot also reports that the 3D seismic acquisition operations in southern block 2714A, undertaken in partnership with Petrobras, are complete and processing and interpretation of the data is now underway.
All initial exploration period work obligations on Chariot's licences, as specified by the Ministry of Mines and Energy in Namibia, have been fulfilled and exceeded by the substantial seismic acquisition and geologic work undertaken to date.
The initial exploration periods for blocks 2312 A & B and 2412 A & B (Northern halves) (licence number 0019) and block 2714A (licence number 0020) will now end on the 31st August 2011. These extensions provide more time in which to conduct further technical studies and analysis of the seismic data once processing is complete and will also provide an extended period in which to pursue other farm out opportunities for these blocks - a key element of the Group's stated strategy.
The initial exploration periods for blocks 1811A & B (licence number 0014) and block 2714B (licence number 0015) will now end on the 27 October 2010.
All other terms of the licences remain unaltered. The extension of the licence terms will not preclude the drilling of a well earlier than required by the licence terms if the opportunity arises.
James Burgess, CEO of Chariot, commented:
"The approvals of extensions to our licences provides us with a longer period in which to progress our technical analysis and farm-out discussions with interested parties, prior to entering the first renewal phase. The seismic acquisition programmes across all our offshore blocks have been undertaken to specifically mature the best locations for a potential drilling campaign. Once the processing and interpretation is complete we will formally open another dataroom. As announced previously, we are encouraged by the multiple expressions of interest we have received in viewing this data and this extension will provide more time for third parties to evaluate our blocks."
For further information please contact:
Chariot Oil & Gas Limited +44 (0)20 7318 0451
James Burgess, CEO
KPMG Corporate Finance (Nominated adviser) +44 (0)20 7311 1000
Susan Walker
BMO Capital Markets Limited (Broker) +44 (0)20 7664 8120
Bill Smith
Hogarth Partnership +44 (0)20 7357 9477
Julian Walker, Simon Hockridge
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'.
Other
KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for investment business activities, is acting for the Company as nominated adviser in relation to the matters set out in this announcement and is not acting for any other person in relation to these matters. KPMG Corporate Finance will not be responsible to anyone other than Company for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement.
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