Chariot Contracts Ocean Rig for Namibia Hunt

An agreement has been reached with Ocean Rig UDW for use of the Ocean Rig Poseidon by Chariot Oil & Gas in Namibia. The rig will be used to drill the Kabeljou (2714/6-1)well on the Nimrod Prospect. The rig is anticipated to arrive on location in July 2012 and drilling operations will commence shortly thereafter.

The Nimrod Prospect is located in the Orange Basin in Southern Block 2714A where Chariot has a 25% equity interest. The Kabeljou well is expected to take about two months to drill. This is the second well to be drilled in Chariot's four to five exploration well program offshore Namibia.

Chariot also reported that it is processing the 3D seismic data acquired from the recent survey carried out in the Central Blockswith initial results showing that the data quality is very good. Detailed analyses are due to commence on the samples from the Tapir South well shortly and once these evaluations are complete, and the results of the Kabeljou well have been assessed, the company will be in a position to determine the next wells of the drilling program for 2013.

Paul Welch, CEO of Chariot, commented:  “We are very pleased to be advancing with our drilling program and eagerly anticipate the spud of the Kabeljou well with our partners. Nimrod is one of the biggest prospects due to be drilled worldwide this year and we look forward to being able to update the market with further news on this hugely significant well in due course.”