Chariot renews oil licences

Chariot Oil and Gas has renewed two of its local oil exploration licences despite encountering two dry wells to date.
The African-focused oil and gas exploration company, through its wholly-owned local subsidiary, Enigma Oil & Gas Exploration, announced Tuesday that it has received approval from the Ministry of Mines and Energy to enter the Second Renewal Phase of Licence 14, which encompasses the company’s Northern Blocks 1811 A&B and of Licence 15 which encompasses Southern Block 2714B offshore Namibia.
The Second Renewal Phase of these Licences runs from 27 October 2012 until 26 October 2014. Paul Welch, CEO of Chariot said the company was pleased to have received approval for the second renewal phase of these licences.
He said: “As a result of exceeding all our work programme commitments we have retained 100% of our acreage position in both areas and we look forward to continuing our aggressive exploration programmes across all our Blocks offshore Namibia. We would like to take this opportunity to thank the ministry for its continued support.”
Chariot has had no success in its drilling programme off the Namibian Coast. As part of its 4 to 5 well drilling programme, the company announced in May and August that it had found no commercial hydrocarbons in the Tapir South exploration well in Northern Block 1811A and in the Kabeljou well.
Despite the costly set-back, which has seen the company’s share price plummet to a year low of 28 pence and a loss of US$83.8 million for the six months ended 30 June, the company intends to continue with its drilling programme which is now set for the second half of 2013 in the central blocks.