Exploration Detail - Namibia

Chariot has a large acreage position that sits within the Walvis Basin and industry activity in recent years has provided new and encouraging information on the prospectivity within this region, with the most recent drilling activity proving two new petroleum systems in the Aptian and the Cenomanian-Turonian. The implications of these results are significant, as Namibia is now de-risked for oil charge, and it is now a matter of determining where the reservoir, trap and source combine to deliver giant accumulations of hydrocarbons.

During 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.

Also in Namibia, Chariot retains an option to back-in for 10% equity at no cost after exploration drilling in the Southern Blocks, in return for which the Company will facilitate the partnering programme led by NAMCOR, the Namibian State Oil company.

Summary of Work Programme Completed to Date:

  • c.5,000 line km of 2D
  • Early participation in the ION NamibaSPAN multi-client 2D seismic survey covering the entire offshore Namibian margin
  • 6,100km2 of 3D
  • 3 exploration wells

Further to its extensive exploration programmes the Company has the most comprehensive well database and the second largest access to proprietary 3D seismic data available to the industry.

Central Blocks

Overview

Chariot holds a 65% interest and operatorship in Blocks 2312 and 2412A in partnership with AziNam (20%), and NAMCOR and a local partner Ignitus Oil & Gas (PTY) hold a 10% and 5% carried interest respectively.

Chariot was also an early participant in the licensing of the ION NambiaSPAN multi-client 2D seismic survey which covers the entire offshore Namibian margin. In combination with third party drilling and the Kabeljou and Tapir South wells, this has provided invaluable detail on the regional geological architecture especially with regard to basin crustal structure, correlation of source rock levels and definition of the main reservoir fairways

Chariot completed a 2,600km² 3D seismic programme in the Central blocks in February 2015. This was acquired over the western flank of the licence on the outboard high, covering a number of leads which had been identified by the 2015 2D seismic survey.

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.

The well was drilled within 17 days, with a final gross cost of approximately US$16 million, around US$10 million below budget.

Also in Namibia, Chariot retains an option to back-in for 10% equity at no cost after exploration drilling in the Southern Blocks, in return for which the Company will facilitate the partnering programme led by NAMCOR, the Namibian State Oil company.

Forward Plan:

  • Extensive post-well analysis is underway to determine the impact on the remaining prospectivity of the Central Blocks.

Industry Activity:

  • ~3 wells  2017-2019

Remaining Commitments:

  • No remaining commitments

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