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Friday, October 24, 2014
Chariot Oil & Gas has decided not to apply for a new exploration license in the Northern Blocks 1811A & B offshore Namibia. The current license expires on October 26.
According to the company its team has analyzed significant amounts of proprietary 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. This work, however, has not significantly de-risked the prospect and, given that a new license would entail significant additional investment both in capital and time, management considered it too high risk to justify further near-term exploration expenditure.
Larry Bottomley, CEO of Chariot said: “The goal of the company is to deliver transformational growth through the discovery of material accumulations of hydrocarbons. Exploration is a risk business, and managing this risk will be key to our success. It is for this reason that Chariot views its fast follower positioning as crucial to its strategy, as this allows the company to make informed decisions from an optimized knowledge base. Furthermore, with the diversity we now have in our portfolio, Chariot can manage its assets in terms of risk and their associated fit within the aspiration of zero cost exploration. The Company will continue with this strict capital discipline and build on its asset base in order to maintain this optionality and generate opportunities for a sustainable drilling campaign.
“Namibia continues to be a key focus for Chariot as we believe this region has the potential to be a world-class hydrocarbon province. We remain excited about the prospectivity we see in our recently re-awarded Central and Southern licenses which we aim to further de-risk as we progress with our exploration campaigns.”
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