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Pre-Close Operational Update of Chariot O&G Limited

Source: www.gulfoilandgas.com 12/20/2013, Location: Africa

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, provides a pre-close operational update.

During the year, the Company has adhered to its strategy of managing risk and applying capital discipline whilst continuing to develop and mature its portfolio of high potential assets. In doing this, it continues to work towards its goal of creating transformational stakeholder value through the discovery of material accumulations of hydrocarbons. Portfolio Management and Maturation
Across all of its assets, the Company has applied a combination of proven and leading-edge technologies and its technical capabilities to mature its portfolio. It has also used its early mover advantage to learn from third party drilling activity.

Licence extensions were secured in Morocco (Casablanca/Safi and Loukos) and Namibia (2714A and the Central Blocks) to provide the Company appropriate time to integrate the information gained from seismic data, well results and third party drilling activity into its understanding of the portfolio. This ensured that Chariot could make informed decisions on the forward programme of its licences, while securing the time required to allow for partner participation in the future.

The additional timeframe provided on the Moroccan assets enabled the Company to thoroughly reprocess, interpret and evaluate the region’s prospectivity from the legacy 2D seismic data. From this, Chariot chose to relinquish the Casablanca/Safi licence which it deemed too high risk to justify further investment, demonstrating its commitment to the application of capital discipline. In addition, this in depth analysis also enabled the Company to identify the regions that need further evaluation and a 1,300km2 3D seismic survey, spanning areas of specific interest in Rabat Deep and Loukos, has been put out to tender. The aim is to commence these seismic programmes in H1 2014.

For more information about related Opportunities and Key Players visit North Africa Projects

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

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