Successful oil well will be ‘transformational’

13 September 2018 | Business

Jo-Maré Duddy – The scale of Chariot Oil & Gas’ Prospect S oil well offshore Namibia will be “transformational” to the company in itself if it is successful, the AIM-listed group said yesterday.

“But it is the fact that this, and every other asset within Chariot's portfolio, has considerable follow-on potential which makes the upside in Chariot's offering particularly unique. Whilst Chariot's share of the well is fully funded, we continue to seek a partner that would liberate the company's funds, depending on the outcome of the well, for a subsequent appraisal programme or additional exploration drilling,” Chariot said in its latest half-year results.

“Datarooms are open across the matured portfolio and we look forward to the drilling of a safe, efficient and cost effective well in Prospect S, which has the potential, in the success case, to realise substantial value and expose shareholders to additional upside from the additional resource in the inventory of prospects within the licence. Concurrently, we will continue refining our broader prospect inventory and remain vigilant to value accretive opportunities," Larry Bottomley, chief executive officer of Chariot, said.

Chariot’s equity fund-raise, completed in the first quarter of this year, raised an additional net US$16.5 million providing funding for the drilling of Prospect S.

Prospect S

Independent estimates by Netherland Sewell Associated Inc. indicate Prospect S has a gross mean prospective resource of 459 million barrels (mmbbls) and a probability of geologic success of 29%.

Chariot, an Atlantic margins focused oil and gas exploration company, recently announced that it secured the Ocean Rig Poseidon to drill Prospect S in the fourth quarter of 2018.

The company yesterday said Prospect S is one of five dip-closed structural traps, totalling 1,758mmbbls gross mean prospective resources, that have been identified in the Upper Cretaceous turbidite clastic play fairway in the Central Blocks, Namibia.

Chariot’s latest results show the Group is debt free and had a cash balance of US$28.4 million at 30 June 2018, up nearly 31% compared to the same half-year in 2017.

As at 30 June 2018 the net book values of Chariot’s Central Blocks offshore Namibia were US$51.1 million, up from US$50.5 million at the end of December 2017.

Chariot is the operator of the Central Blocks licence offshore Namibia. It has a 65% interest, followed by AziNam with 20%, Namcor with 10% and Ignitus with 5%.

Similar News

 

Gold at two-week high on trade deal hope

16 hours ago | Business

Gold prices rose to their strongest level in more than two weeks yesterday as the US dollar weakened on hopes the United States and China...

First Russia-Africa business forum in October

16 hours ago | Business

In Sochi this October, the first Russia-Africa business forum will be held as part of the Russian-African Summit.According to the Roskongress Foundation, it is expected...

Shorter Ondangwa trade fair planned this year

16 hours ago | Business

ONDANGWA – The ninth edition of the Ondangwa Trade and Industrial Exhibition (OTIE) will take place from 29 April until 4 May this year.The town’s...

Company news in brief

16 hours ago | Business

MTN: SA's ex-ambassador to Iran arrestedPretoria's former ambassador to Iran has been arrested in South Africa on charges he took a bribe to help telecoms...

Recruitment of NAC CEO ongoing: Hangala

1 day - 18 February 2019 | Business

The process of selecting a chief executive officer for the Namibia Airports Company (NAC) is ongoing, the chairperson of the state-owned enterprise, Leake hangala, has...

No plan to revive SME Bank: Schlettwein

1 day - 18 February 2019 | Business

After witnessing the collapse of the SME Bank, government has no plan to resuscitate the now liquidated SME Bank, finance minister Calle Schlettwein has said....

Famed Cullinan mine banks on big diamonds to drive...

1 day - 18 February 2019 | Business

Emma Rumney and Barbara Lewis - The owner of one of the world's most famous diamond mines could be about a decade away from clearing...

Company news in brief

1 day - 18 February 2019 | Business

Sibanye-Stillwater may cut thousands of jobsSibanye-Stillwater could cut nearly 6 000 jobs in a potential restructuring of the company's gold mining operations following losses at...

FirstRand Namibia fights back

4 days ago - 15 February 2019 | Business

Jo-Maré Duddy – FirstRand Namibia bounced back to positive profit growth in the six months ended 31 December 2018 after taking a knock in the...

NaCC scrutinises fuel imports

4 days ago - 15 February 2019 | Business

The Namibia Competition Commission (NaCC) is requesting input from interested and affected parties on the reinstatement of the National Petroleum Corporation of Namibia's (Namcor) intent...

Latest News

Ondangwa creates 'home' for illegal...

16 hours ago | Government

ONDANGWA – The Ondangwa Town Council plans to relocate over 100 illegal settlers from Uutala to the Onantsi area, where it recently serviced 120 plots.Uutala...

Gold at two-week high on...

16 hours ago | Business

Gold prices rose to their strongest level in more than two weeks yesterday as the US dollar weakened on hopes the United States and China...

Noordoewer seeking status as a...

16 hours ago | Government

NOORDOEWER – The councillor of the Karasburg West Constituency, Paulus Ephraim, has urged government to consider proclaiming the settlement of Noordoewer a town as the...

No retrenchments at ODC, NDC

16 hours ago | Government

The head of the newly established Namibia Industrialisation Development Agency (NIDA), Uparura Kuvare, says no staff members of the former Offshore Development Company (ODC) and...

Drought fear looms large

16 hours ago | Disasters

ELLANIE SMIT Namibia faces a 150 000-tonne grain shortfall by the end of April this year, as...

Two in court after record...

16 hours ago | Justice

ILENI NANDJATO Northern businessmen Paavo Hatutale (47) and co-accused Nicodemus Shekunyenge (21) appeared before the Ohangwena Magistrate’s Court yesterday in connection with...

No limits for Doeseb

16 hours ago | People

Michelline Nawatises Axali Doeseb has been playing ice hockey since 2003.Every day after school he would jump the Tagesheim aftercare centre’s fence to watch...

The weight of expectation

16 hours ago | Columns

A huge weight of expectation will undoubtedly rest on political leaders vying for office later this year. While there is a sense that the current...

The lack of sexual ideology...

16 hours ago | Columns

Justicia Shipena Not only does thinking about sex matter, it matters more to humanity than sex in itself. There are many instances of the...

Load More