Chariot Oil & Gas has announced that Namibian Ministry of Mines and Energy has approved a one-year extension to the first renewal period for offshore Block 2714A
The period will commence on 31 August 2013.
The extension of this phase will allow the partnership to complete its analysis of the drilling results of the Kabeljou-1 exploration well in order to progress the description of the rest of the prospectivity in the licence, and will allow the partnership more time in making a decision on its forward plan for the block and its commitments for the next phase of development.
The extension will also enable Chariot Oil & Gas to evaluate and incorporate results from a third party well that is anticipated to take place in close proximity in Q3 2013.
The block is handled in partnership with Petrobras Oil & Gas BV at 30 per cent interest who is also the operator, BP at 45 per cent and Chariot’s wholly-owned subsidiary Enigma Oil & Gas Limited with 25 per cent stake.