Chariot’s Namibia Audit Results

Chariot Oil & Gas Ltd. received the results from an independent audit conducted by Netherland Sewell and Associates Inc (NSAI) of the prospective resource potential of the Central Area blocks (2312 A&B and the northern halves of 2412 A&B) in offshore Namibia. Chariot is the operator and holds a 90% stake in the blocks.

The technical work and the audit are based on the evaluation and integration of the 3,500 sq km of 3D seismic data, the company’s 2D seismic data, and information incorporated from nearby drilling activity.

The company said that while targets have been identified in both the deeper and shallower petroleum systems in the 3D seismic area, the focus of its forward exploration program in the Central Area blocks will be on the shallower petroleum system, which it believes to have lower associated risk.

This is where Upper Cretaceous turbidite clastic reservoirs have been identified in a variety of stratigraphic and structural traps, with the potential for oil charge from locally mature marine source rocks.

Prospect B, Chariot’s principal drilling candidate, is an Upper Cretaceous canyon-head trap in the shallower petroleum system and has an audited Unrisked Gross Mean Prospective Oil Resource of 469mmbbl, with an estimated probability of geologic success (Pg) of 22%. For this trap type and age of reservoir there are an additional three prospects (Prospects A, C and D) in the 3D seismic volume and three leads (Leads E, G, and H) in the 2D area.

These additional prospects and leads range in Unrisked Gross Mean Prospective Oil Resource from 290mmbbl to 1,487mmbbl and success in Prospect B would offer significant follow-on exploration potential in these targets.

Within and to the west of the 3D seismic area, Chariot has identified a fairway with Upper Cretaceous deep water fan and channel sands draped over an outboard structural high, with the base of those reservoir sequences eroding into the marine source rocks.

In this shallower petroleum system there are two further prospects in the 3D area (Prospects 4 and 6) and three leads in the 2D area (Leads 3, 4, and 5) and these targets range in Unrisked Gross Mean Prospective Oil Resource from 213 million barrels to 758 million barrels. Encouragement in Prospect B would offer significant additional follow-on exploration potential in this fairway too.

Chariot has initiated a partnering process to progress the exploration of these prospective licenses.

Larry Bottomley, CEO of Chariot commented: “The independent audit of the Prospective Resource potential of the Central Area blocks demonstrates the giant scale of the opportunity that exists within the Chariot portfolio. Although Namibia remains a frontier and high risk province, all the play elements of source, reservoir and seal have now been demonstrated and success in our exploration campaign would deliver transformational growth.

Importantly, such success would also have a significant impact on the rest of the Upper Cretaceous turbidite clastic reservoirs portfolio within these blocks which offers material upside and follow-up potential in what would then be a de-risked play system.

“We have started the farm-out process to identify potential partners to join us in the exploration of this new and emerging province.”

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