Chariot pulls out

Chariot Oil & Gas this week announced that it would be pulling out its interest out of two Namibian oil blocks, citing a lack of support from potential partners who would have collaborated with Chariot in carrying out exploratory work.The two oil interests are Block 2714A and 2714B.Chariot elected not to enter into the First Renewal Exploration Period of either of the exploration licences covering the Namibian Blocks 2714A and 2714B (Chariot 85% and operator; NAMCOR 10%; Quiver 5%). The ministry of mines and energy and Chariot's partners were notified of the decision and the process of withdrawal is now under way.The work undertaken by Chariot to define this prospectivity resulted in industry interest; however the technical risk associated with these prospects deterred potential partners from committing to a programme of exploration drilling in the current environment. The decision not to enter into the next period was made in line with Chariot's risk management strategy, its focus on portfolio management and capital discipline.Chariot said it was disappointed that it was not able to attract partners for exploration in the southern blocks it held, according to its CEO, Larry Bottomley.“The focus for Chariot is the delivery of transformational value through the discovery of material hydrocarbon accumulations. While it is clearly disappointing that we were unable to attract a partner on the southern blocks in the current environment, it is important that the company maintain discipline in the management of risk and the allocation of capital,” said Bottomley.According to him, there was however interest to partner by the Namibia Petroleum Corporation.“Namcor has requested that Chariot remain engaged in the partnering process through a zero-cost option to back-in after exploration drilling in recognition of the depth of understanding of the Chariot team of these licences and the quality of technical work performed,” said Bottomley.Chariot would be able to shift its focus to its other Namibian interest, Bottomley indicated.“While supporting the remaining partners in these efforts, our operational focus is on preparing for the drilling programme in Morocco, progressing preparations to drill in the Central Blocks in Namibia and launching the partnering process in Brazil,” Bottomley said.OGONE TLHAGE

Chariot pulls out

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Namibian Sun 2025-02-21

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Chariot pulls out

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Namibian Sun 2025-02-21

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