Proactive Investors - Run By Investors For Investors

Chariot Oil & Gas reveals disappointing Prospect S well result

"Whilst very disappointing that we have not established a hydrocarbon accumulation in the prospect, we have learnt valuable information about the reservoir potential of these turbidite systems"
oil and gas operations
The stacked reservoir targets were water bearing

Chariot Oil & Gas Ltd (LON:CHAR) revealed that the Prospect S exploration well, offshore Namibia, did not encounter a hydrocarbon accumulation.

The well encountered its targeted stacked reservoirs within pre-drill prognosis, but, they were found to be water bearing.

READ: Eco Atlantic Oil & Gas gets greenlight for Namibia drilling

Well data will now be used to allow the company to understand the implications for the prospectivity of the surrounding area. The well will be plugged and abandoned.

"Whilst very disappointing that we have not established a hydrocarbon accumulation in the prospect, we have learnt valuable information about the reservoir potential of these turbidite systems which form the primary targets across many of the prospects within the Central Blocks portfolio,” said Larry Bottomley, Chariot chief executive.

“We will further evaluate the extensive data gathered in the well to understand the implications for the Central blocks portfolio.”

Bottomley added: “With all licence commitments now met across the entire portfolio, the company is fully-funded to progress our assets in Morocco and Brazil whilst remaining vigilant to other value accretive opportunities."

Chariot shares fell nearly 60% in Thursday's deals, down 4.65p to 3.25p per share.

View full CHAR profile View Profile

Chariot Oil and Gas Timeline

Related Articles

oil wells
November 22 2018
Highlands has been undertaking fracking operations at its East Denver acreage recently
1532368774_Vanadium-electrolyte-batteries.jpg
July 25 2018
Anfield revealed that its prospective energy partners have shown an increasing interest in its vanadium assets
onshore oil field
September 20 2018
Eland, along with its project partner, produced almost 1mln barrels of oil from the OML 40 licence in the first six months of the year, a significant year-on-year rise

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use