Petroleum Africa
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Wednesday, February 20, 2013
Chariot Oil & Gas Ltd. provided an operational update across its portfolio and a revised forward-looking work program. Over the last year the company has drilled two exploration wells and acquired 3,500 sq km of 3D seismic data in Namibia and acquired an exploration license and 3,500 sq km of 3D seismic data in Mauritania. The company also added to its Moroccan holdings by acquiring an additional three exploration licenses.
Chariot saw its net acreage base almost doubled over this period.
Given this activity and growth, the company has undertaken a review of its portfolio, matured the description of the prospect inventory, and re-cast the forward exploration program.
Chariot saw the partnering process in its Namibian Northern Area initiated with the aim of drilling with a partner in 2014. The Zamba prospect is the priority target and has gross mean unrisked prospective resources estimated at 375 million barrels.
In its Central Area the company expects to begin looking for a partner in Q3, with the aim toward drilling in 2014. The two principal prospects have gross mean unrisked prospective resources estimated at 1.1 billion barrels and 570 million barrels.
Also in Namibia the company identified a new play on its Southern Area acreage following the drilling of the Kabeljou-1 well. Maturing this play will require additional 3D seismic data, and an acquisition program is being planned for 2014.
In Mauritania drilling is targeted for 2015. The company said that the processing of the 3D data is currently underway, and is expected to be ready for interpretation in November 2013, with a resource update planned for Q1 2014. Chariot has already received industry interest in its Mauritanian acreage and a process to identify a partner for drilling will be initiated once interpretation is complete. Should this be successful, it is anticipated that drilling will commence in 2015.
Chariot plans to drill in Morocco in 2016. Oil slicks, seeps and seismic direct hydrocarbon indicators (DHIs) within Chariot’s licenses support the presence of a hydrocarbon system. The northern margin of Morocco is thought to be analogous to the conjugate Nova Scotia basins where significant discoveries have been made in the same play systems targeted by the company.
A large carbonate bank lead has been identified on the legacy 2D seismic data in the Rabat Deep licence which has a gross mean unrisked prospective resource estimate of 400 mmbbls. Seismic data in the adjacent basinal areas in the block displays salt structures and exhibits seismic facies indicative of deep water marine sands. A 3D seismic program will be designed in 3Q 2013, post the results of the company’s interpretation of the re-processed 7,000 km of legacy 2D data, which is currently underway. The proprietary seismic survey is planned for Q1 2014, with the well partnering process to be carried out in 2015 and potential drilling to take place in 2016.
Larry Bottomley, CEO, commented: "Chariot’s goal is to create transformational stakeholder value through the discovery of material accumulations of hydrocarbons. The company’s strategy to achieve this goal remains the same: Chariot will continue to explore in new or emerging hydrocarbon provinces, take large equity positions in the early phases of exploration, and manage risk through levered partnering, portfolio diversity and the application of technology. The company is committed to applying capital discipline throughout all of its projects.
“In acquiring our licences in Mauritania and Morocco last year, we demonstrated our ability to secure early access to further quality acreage in areas that are receiving increasing interest from the oil and gas industry. We will continue to pursue New Venture activities as this is an important ongoing value creation catalyst for our business.
“Whilst this operational review has led to a revised timetable on our prospective drilling, this approach will help to further de-risk the drilling targets we ultimately select. We believe all our assets have the potential for giant discoveries, we have a focused strategy and we are committed to realising the value in the portfolio."
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