23 October 2014 – London-listed Chariot Oil & Gas intends to drop its 100% interest in Northern Blocks 1811A&B, off the coast of Namibia.
The company revealed on Thursday it did not intend to apply for a new exploration licence over the blocks which are due to lapse on Sunday.
The decision was made after Chariot analysed seismic and well data, as well as integrated information from third party drilling activity to study the possibility for long range hydrocarbon migration to the Zamba prospect.
It said that, while it considered the acreage was still prospected, the work carried out had not “significantly” de-risked the prospect given a new licence would have led to a significant investment in both capital and time.
While it will now exit the blocks, chief exectutive Larry Bottomley said Chariot was not looking to exit the country.
“Namibia continues to be a key focus for Chariot as we believe this region has the potential to be a world-class hydrocarbon province,” he said.
“We remain excited about the prospectivity we see in our recently re-awarded Central and Southern licences which we aim to further de-risk as we progress with our exploration campaigns.”
*Josh Lewis – Upstreamonline
