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Friday, June 21, 2013
Chariot Oil & Gas’ wholly owned subsidiary, Enigma Oil & Gas Exploration, was granted a new license for Chariot’s existing Block 2714B offshore Namibia. The new license entitles the company to the whole of the original area of the block, having previously relinquished a 50% portion when entering the its first renewal phase in 2010.
In order to receive this new license, Chariot relinquished its holding in Block 2714B and has been re-awarded the whole block, which has an area of around 5,400 sq km. As a result of this new award, the license enters the first exploration phase, which covers a four-year period, starting from May 31, and the partnership has a work program commitment to acquire 2,000 km of 2D or 250 sq km of 3D seismic within this timeframe. As previously reported, a new play system has been identified in this license owing to information from the Kabeljou-1 well data.
A seismic program, expected to commence in H2 2014, will be designed following the integration of additional geological studies and third party drilling results.
Larry Bottomley, CEO commented, “I would like to thank the Ministry for granting us this new license and we look forward to building our partnership with NAMCOR and Quiver in exploring this area. We see high potential in 2714B, having encountered world class source rock in our 2714A license which we believe extends into this region, and we look forward to expediting our exploration program in concert with our new partners.”
Chariot is the operator and is partnered with the Namibian state-run firm Namcor and local partner Quiver Oil and Gas.
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