Namibia

By OGJ editors
HOUSTON, Aug. 16 – Chariot Oil & Gas Ltd., Guernsey, UK, whose Enigma Oil & Gas Exploration (Pty.) Ltd. subsidiary is seeking partners for its blocks off Namibia, was granted ministry approval to enter the first renewal phase effective Oct. 27, 2010.

Chariot will relinquish 50% of the acreage in each license and has agreed the following work program for the next 2 years:

On Blocks 1811 A&B it will perform 3D seismic interpretations, economic evaluation, determine well location and design, and later rig procurement, for a minimum of $11 million.

On Block 2714 B it will perform 3D seismic interpretation, economic evaluation, determine well location and design, and later rig procurement, for a minimum of $11 million.

Chariot greatly exceeded its initial exploration phase commitments on the licenses through its aggressive acquisition of large 3D seismic datasets. As a result, the Namibian government waived the well commitments in the first renewal phase. The company still intends to drill as soon as possible.