Exploration Detail - Brazil

Chariot’s blocks of interest, BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314, are located in the north-eastern sector of the offshore Brazil continental margin in the Barreirinhas Basin.

During the highly competitive Round 11 Chariot acquired 100% of licences BAR-M-292, 293, 313 and 314. Chariot was successful in securing this acreage on a seismic option and with a low signature bonus whilst many of the neighbouring operators in the region took on significantly higher bonus payments and drilling commitments within the first phase of exploration. This third party activity will mean that Chariot is able to learn from up to ten wells expected to be drilled in the basin, one of which will be directly adjacent to its acreage, prior to the Company electing to enter its next phase of exploration – which would bring a drilling commitment.

Within the basin there is the presence of excellent Tertiary and Cretaceous turbidite reservoirs with evidence for sufficient burial of Cenomanian-Turonian source rock for hydrocarbon generation. This is supported by shows in legacy wells. As well as completing the proprietary 3D seismic , Chariot also completed a comprehensive prospectivity assessment of the basin using the information from these legacy wells and seismic data, including source rock and crustal modelling. The Cenomanian-Turonian source appears to be buried sufficiently to develop oil maturity and is anticipated to generate a similar hydrocarbon type to those seen on the African conjugate margin in Côte d’Ivoire and Ghana.

In its acreage, Chariot has identified a large roll over structure and numerous leads on the legacy 2D seismic which was subject to the 775km² 3D seismic programme completed in March 2016. This data has been acquired and processed and is currently being interpreted in-house. Processed products display clear turbidite reservoir geometries extending from the shallow-water Chariot licences down-dip into the neighbouring block to the north which has a drilling commitment that will be an important test of the petroleum system in this part of the basin. Chariot has completed the evaluation of the proprietary 3D seismic data across its four exploration concessions and identified a large structural prospect comprised of seven targets with individual on-concession gross, mean prospective resource ranging up to 366mmbbls. Three of these targets stack into a single prospect with a gross, mean prospective resource of 911mmbbls*.

 

Forward Plan:

  • Partner to drill

Third Party Activity:

  • Ten deepwater wells due to be drilled within the next three years – ahead of Chariot’s requirement to commit to drill

Remaining Commitments:

  • No remaining commitments

* Netherland Sewell and Associates Inc. (’’NSAI’’) estimate of Gross Mean Prospective Resources

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