Chariot Oil & Gas awarded new licence offshore Namibia

rig namibia-tsuda flickrA new play system has been identified in this licence owing to information from the Kabeljou-1 well data. (Image source: Tsuda/Flickr)Chariot Oil & Gas has announced that its wholly-owned subsidiary Enigma Oil & Gas Exploration has been granted a new licence for its existing Block 2714B offshore Namibia

The independent oil and gas firm had earlier relinquished its 50 per cent holding in Block 2714B in 2010, but has recently been re-awarded the whole block, with an area of approximately 5,400 sq km, by the Namibian Ministry of Energy and Mines.

As a result, the licence enters the first exploration phase, which covers a four-year period and has a work programme commitment to acquire 2,000km of 2D or 250 sq km of 3D seismic within this timeframe.

Meanwhile, a new play system has been identified in this licence owing to information from the Kabeljou-1 well data in Block 2714A.

A seismic programme, expected to commence in the second half of 2014, will be designed following the integration of additional geological studies and third party drilling results.

Larry Bottomley, CEO of Chariot Oil & Gas, said, “We look forward to building our partnership with The National Petroleum Corporation of Namibia (NAMCOR) and Quiver Oil & Gas in exploring this area. We see high potential in 2714B, having encountered world class source rock in our 2714A licence.”

Chariot Oil & Gas, block operator with 85 per cent stake, will partner with NAMCOR, which has 10 per cent equity, and Quiver Oil & Gas, which holds five per cent stake, on this licence.

 

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