Defiant Chariot completes 2D seismic survey
Despite a massive battering of its share price since encountering two dry wells off the Namibian coast, Chariot, the Atlantic margins focused oil and gas exploration company, this week announced that it had completed its 2,128 km 2D seismic survey in Southern Block 2714B offshore Namibia.
Chariot announced earlier in the week that it had completed the survey carried out by Dolphin Geophysical Ltd with the aim of providing further detail on the shallower petroleum system in the region.
The company said once the data has been processed and calibrated with the legacy 2D data on the block, it will be interpreted in-house with the aim of identifying specific areas of interest for a 3D programme.
With an 85% interest in Southern Block 2714B, Chariot is the operator of the block while state-owned petroleum company, Namcor has a 10% carried interest. Quiver Oil also holds a 5% carried interest in the block.
The Aim listed Chariot Oil & Gas holds licences covering eight blocks in Namibia through its wholly-owned subsidiary, Enigma Oil & Gas Exploration (Pty) Limited.
While the company refuses to give up on the possibility of a lucrative oil find off the Namibian coast, investors appear to have lost confidence in the stock. From an all time high of 323.50 pence, Chariot has seen its share price hover just above the all time low price of 15.25 pence since the company announced two dry wells off the Namibian Coast in 2012.
Although the oil exploration company continues to hold healthy cash reserves at around US$54 million according to a recent company statement, investors have been skeptical about its ability to find oil in the Atlantic margins after the Kabeljou well on the Nimrod prospect turned out dry. The Kabeljou well was considered as having a much better prospect than the first well, the Tapir South well which had a 25% chance of success.