News

November 05, 2009

Chariot Oil & Gas Crunches The Seismic Data On Namibia As It Prepares To Open Data Room In Q1 2010

As the graphic on the home page of the Chariot Oil & Gas website makes clear, this AIM-quoted explorer believes its licences offshore Namibia to be a geological partner to the sedimentary riches of the Brazilian margin, separated only by the Atlantic and the evolutionary drift of shifting continental plates. This view was seemingly endorsed in May when Brazilian energy giant and deepwater specialist Petrobras agreed to farm-in to one of Chariot’s southern licences, Block 2714A.

This was a key milestone for Chariot, which only listed on AIM last year, providing credible third-party endorsement of its Namibian acreage.  Importantly, the Brazilian powerhouse agreed to the farm-in terms before the AIM firm had completed a 3D seismic shoot over the licence.  Petrobras agreed to pay US$16 million to cover past costs in order to earn a  50 per cent interest as well as agreeing to a production bonus worth up to US$118 million in the event of a commercial...