Chariot Oil & Gas (LON: CHAR), the Africa focused oil and gas exploration company, provided an update today ahead of its full year results. The Company indicated that, over the past six months, work has continued across all the offshore Namibian blocks of interest, the focus being on the analysis of the seismic data that was acquired last year.
Chariot is an independent oil and gas exploration company with interests in Namibia – strategically positioned within the South Atlantic Margins (counterpart margin to that of Brazil where major discoveries have been announced). Chariot holds exploration licences covering ten blocks, eight of which are offshore and two of which are onshore, with a large acreage position, totalling an area of 38,725km². Seismic programmes have been completed across all of Chariot’s offshore blocks. Chariot received early stage third party endorsement of Namibia's prospectivity and potential following a farm-out to Petrobras in May 2009.
According to the announcement, Initial results in the form of quick look cubes are now available, with further detailed processing continuing. A number of key indicators have already been identified from the seismic surveys in the Northern Blocks which support evidence of significant structures, oil prone source rock, bright spots and volcanic highs - all of which indicate a working petroleum system. Additionally, the processing of the latest 600km² of seismic data is underway.
In the Central Blocks, the Company is continuing to work on the potential resource volumes, the results of which will be announced later this quarter. In the Southern Blocks, work also progresses in partnership with Petrobras on block 2714A and the latest seismic programme is being processed.
Paul Welch commented:
"The past six months have been important for Chariot with a great deal of work being done in-house on our Namibian blocks as well as carrying out substantial due diligence on a variety of new opportunities. With a strengthened technical team in place, a healthy financial position and an exciting exploration portfolio, Chariot is well placed to be optimistic about the future. We look forward to reporting on the resource potential of the Central blocks and our preliminary results in due course."
