News

March 02, 2010

Two Thousand And Ten Looks Set To Be Key Year For Chariot Oil & Gas As It Seeks Farm-In Partners And Hunts For New Opportunities

There was nothing really new in the pre-close update from Chariot Oil & Gas but the announcement did provide a moment for investors to reflect on what a key year 2010 could be for the AIM-quoted explorer. First, Chariot has now opened a data room to attract would-be partners to its spread of exploration assets offshore Namibia, which should lead to farm-in deals to accelerate exploration of these frontier blocks. Second, the company is hunting for new projects elsewhere in Africa in a bid to deliver near-term production opportunities to complement the frontier wildcatting in Namibia.

Chariot holds almost 40,000 sq km of acreage offshore Namibia and is churning through the large volumes of seismic data acquired over the last year.  The blocks are spread across three different geological basins, the Namibe, the Walvis and the Orange.  The waters are under-explored by any measure, as new CEO Paul Welch made clear at last month’s oilbarrel.com conference. 

“The Namibian margin is comparable in size to the US part of the Gulf of Mexico yet only eight exploration...