More oil hopes dashed

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, will plug and abandon the well drilled in Prospect S offshore Namibia after no hydrocarbon accumulation was encountered in the well.“Whilst very disappointing that we have not established a hydrocarbon accumulation in the prospect, we have learnt valuable information about the reservoir potential of these turbidite systems which form the primary targets across many of the prospects within the Central Blocks portfolio,” Chariot CEO Larry Bottomley said in a statement this morning.“The well has been safely drilled to a total measured depth of 4,165m to test the stacked targets in Prospect S. The well penetrated the anticipated turbidite reservoir sands, in line with the pre-drill prognosis, however the reservoirs were water-bearing. The data collected will be used to calibrate the existing data sets to understand the implications of the well results on the prospectivity of the surrounding area,” Chariot said.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%.The news comes shortly after Tullow Oil said it encountered non-commercial hydrocarbons in its Cormorant-1 exploration well in the PEL-37 licence offshore Namibia, which was subsequently plugged and abandoned.

More oil hopes dashed

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Republikein 2026-09-21

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More oil hopes dashed

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Republikein 2026-09-21

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