Chariot Oil & Gas

Description

Chariot Oil & Gas Limited (AIM: CHAR) is an independent oil and gas exploration company with interests in Namibia. Enigma Oil and Gas Exploration (Pty) Limited is a wholly owned subsidiary of Chariot and is the operator of the licence areas.


  • Four licences covering eight offshore blocks in Namibia
  • Large block allocation - one of largest holdings in Namibia - 30,504 km2
  • Secured 3 farm- in partners to date- Petrobras, BP and PGS
  • Over 16 billion barrels of gross mean unrisked prospective resources - 8.9 bbbls net to Chariot
  • 3 geologically distinctive basins - well-positioned across Namibian South Atlantic margin
  • Frontier exploration with a proven working petroleum system


HIGHLIGHTS


  • An oil and gas exploration company with highly prospective opportunities offshore Namibia.
  • Namibia - underexplored frontier area - high impact exploration
  • Geology analogous to proven South Atlantic margin plays (opposite margin to Brazil and south of Angola)
  • Close proximity of oil, natural gas and condensate accumulations - oil seepage slicks indicate working petroleum system
  • Farm-out agreed with Petrobras and BP on block 2714A


    • Highly experienced partner in deep water exploration and development
    • Third party endorsement of Namibia's prospectivity and potential


  • Farm-out agreed with Petroleum Geo Services (PGS) on Central blocks (2312 A&B and N/2 of 2412 A&B)


    • One of the world's leading seismic companies
    • Recognition of potential in least developed blocks of Chariot's portfolio


  • Very large oil targets - gross mean prospective resources of 16.1 billion barrels of oil (8.9 bbbls net to Chariot)
  • Maturing prospect and lead inventory - 15 prospects, 5 leads to date
  • Mega Structure identified in Southern block - attributing 4.9 billion barrels to gross mean prospective resources
  • EMV of £11.2 billion (P50) – corresponding to £7.47/bbl (US$12.00/bbl) per net risked bbl
  • Further farm-out opportunities are being pursued - Negotiations at advanced stages
  • Looking to introduce nearer term assets
  • Raised US$140m (net of expenses)
  • Independent CPR results verifies internal prospective resource potential interpretation