Chariot to focus on drilling in fourth quarter

Jo-Maré Duddy – Chariot Oil & Gas’ focus for the second half of this year will be to deliver safe and cost-effective drilling operations in Namibia.The group will also continue to partner throughout the portfolio and to build and mature the portfolio to deliver further funded drilling inventory, Chariot said in its AGM statement preceding its annual general meeting yesterday.Chariot, an Atlantic margins focused oil and gas exploration company, recently announced that it secured the Ocean Rig Poseidon (photo) to drill Prospect S off the Namibian coast in the fourth quarter of 2018. Independent estimates believe the prospect has a gross mean prospective resource of 459 million barrels (mmbbls) and a probability of geologic success of 29%. The Ocean Rig Poseidon, a sixth generation deepwater drillship, has been contracted to drill one firm and one optional well. Chariot currently anticipates that the drillship will arrive on location in the fourth quarter of this year and that the drilling of Prospect S will commence shortly thereafter.“Operational plans are now well advanced for the first deepwater drilling in our Central Blocks licence in the fourth quarter of 2018. We are continuing to take every advantage of the current historic low cost drilling environment as well as maximising any further cost synergies by cooperating with other drilling operations in Namibia,” says Larry Bottomley, CEO of Chariot.“Our farm-out discussions are ongoing, strengthened by this well having already been fully funded, and we look forward to introducing new partners to share the costs and also the significant rewards of a discovery on Prospect S, and to accelerate the optional drilling on the transformational follow on potential."Chariot is the operator of the Central Blocks licence offshore Namibia. It has a 65% interest, followed by AziNam with 20%, Namcor with 10% and Ignitus with 5%.

Chariot to focus on drilling in fourth quarter

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Chariot to focus on drilling in fourth quarter

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