Chariot Granted New Licence for Block 2714B

Source: www.gulfoilandgas.com 6/20/2013, Location: Africa

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, announces that its wholly owned subsidiary, Enigma Oil & Gas Exploration (PTY) Limited, has been granted a new licence for Chariot's existing Block 2714B in the Southern area offshore Namibia by the Ministry of Mines and Energy. This new licence entitles Chariot to the whole of the original area of the block, having previously relinquished a 50% portion when entering the First Renewal Phase in 2010. Chariot (Operator, 85%) is pleased to partner in this licence with the Namibian State Oil Company, NAMCOR, which has 10% equity, and a local partner, Quiver Oil and Gas (PTY) Ltd, which holds 5%.

In order to receive this new licence, Chariot relinquished its holding in Block 2714B and has been re-awarded the whole block, which has an area of approximately 5,400 km². As a result of this new award, the licence enters the First Exploration Phase, which covers a four year period, starting from 31 May 2013, and the partnership has a work programme commitment to acquire 2,000km of 2D or 250km² of 3D seismic within this timeframe. As previously reported, a new play system has been identified in this licence owing to information from the Kabeljou-1 well data. A seismic programme, expected to commence in the second half of 2014, will be designed following the integration of additional geological studies and third party drilling results.

Larry Bottomley, CEO commented, "I would like to thank the Ministry for granting us this new licence and we look forward to building our partnership with NAMCOR and Quiver in exploring this area. We see high potential in 2714B, having encountered world class source rock in our 2714A licence which we believe extends into this region, and we look forward to expediting our exploration programme in concert with our new partners."

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