All initial exploration period work obligations on Chariot Oil & Gas’ licenses, as specified by the Ministry of Mines and Energy in Namibia, have been fulfilled and exceeded by the substantial seismic acquisition and geologic work undertaken to date.
The initial exploration periods for blocks 2312 A & B and 2412 A & B (Northern halves) (license number 0019) and block 2714A (license number 0020) will now end on the August 31, 2011. These extensions provide more time in which to conduct further technical studies and analysis of the seismic data once processing is complete and will also provide an extended period in which to pursue other farm out opportunities for these blocks.
The initial exploration periods for blocks 1811A & B (license number 0014) and block 2714B (license number 0015) will now end on the October 27, 2010.
All other terms of the licenses remain unaltered. The extension of the license terms will not preclude the drilling of a well earlier than required by the license terms if the opportunity arises.
James Burgess, chief executive officer of Chariot Oil & Gas, commented: “The approvals of extensions to our licenses provides us with a longer period in which to progress our technical analysis and farm-out discussions with interested parties, prior to entering the first renewal phase. The seismic acquisition programmes across all our offshore blocks have been undertaken to specifically mature the best locations for a potential drilling campaign. Once the processing and interpretation is complete we will formally open another dataroom. As announced previously, we are encouraged by the multiple expressions of interest we have received in viewing this data and this extension will provide more time for third parties to evaluate our blocks.”
