Namibia - Operations

Chariot was one of the first oil and gas explorers to secure its licence areas offshore Namibia. As a result of this early entrance, Chariot holds a significant acreage position totalling c.16,800km² and its licence is located within the Walvis Basin.

  • Two blocks located in region with giant potential
  • Fast follower positioning in Walvis Basin
  • Huge data set from extensive seismic and drilling programmes completed to date including Prospect S well data
  • No remaining commitments in this phase of exploration

Whilst Chariot has broadened its Atlantic margin footprint, Namibia was the starting point for the Company’s exploration strategy being a frontier region for exploration with evidence of a working petroleum system. As a frontier province, Chariot entered Namibia as a play opener and, having acquired, processed and interpreted 8,000km2 of 3D seismic and drilled three deepwater exploration wells, it has secured one of the largest databases of seismic and well data across the region. Industry activity in recent years has provided new and encouraging information on the prospectivity of these basins. Previous drilling in the 1990s was focused on targets on the shelf across the region, but the more recent drilling activity took place in the deep water, proving two principal source rocks in the Aptian and the Cenomanian-Turonian. These wells not only confirmed the presence of excellent quality thick, oil prone mature source rock and recovered light oil, but also encountered good quality turbidite reservoirs. This means that, in addition to the proven Kudu play, all elements required for a material oil accumulation have been demonstrated and are present offshore Namibia.

In 2018 Chariot safely and efficiently drilled Prospect S using the Ocean Rig Poseidon on behalf of our partners Azinam, NAMCOR and Ignitus. The prospect that this well targeted had the potential to be transformational for the Company in the success case and was also closely watched by the industry. The well was unsuccessful as the Cretaceous clastic targets were water bearing. Extensive post-well analysis is underway to determine the impact on the remaining prospectivity of the Central Blocks. The well was drilled within 17 days, with a final gross cost of approximately US$16 million, around US$10 million below budget. While disappointing that the well was unsuccessful, the financial impact was significantly reduced through delivering what is likely to be one of the lowest cost deepwater drilling operations carried out anywhere that year.

 

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