Chariot Oil & Gas Limited announced seismic program on offshore Namibia

Chariot announced that a further seismic program has commenced on block 2714A, offshore Namibia. This program has been agreed by Chariot’s wholly owned subsidiary Enigma Oil & Gas Exploration (Pty) Limited following the recent farm-out with Petrobras and will involve the acquisition of a further 1,500 sq km of 3-D seismic on the block. In line with the farm-out agreement, Petrobras will pay 50% of the costs of this survey.

Chariot has appointed CGGVeritas as an external seismic data provider for the project and the Company anticipates that the acquisition of data will take approximately three months, followed by a period of processing and interpretation.

Following the acquisition of the 3,000 km of 2-D data in the central blocks, Chariot appointed Stratageo Soluções Tecnológicas Ltda, a Brazilian based geophysical company, to carry out the processing of the data acquired at that time. Processing by CGGVeritas of the previously acquired 3-D seismic is also underway. This work is proceeding according to timetable and budget.

Following discussions regarding its contract with technical consultants High Resolution Technology & Petroleum Ltda (“HRT”), this contract has recently been terminated by Chariot. The discussions with HRT followed a detailed review, initiated by Chariot’s board, of the external technical advice available to the Group. Chariot also continues to take steps to strengthen its in-house technical capabilities as it matures and moves forward.