Chariot Oil & Gas gets 1 year extension for block 2714A, Namibia

6/10/2013

Chariot Oil & Gas gets 1 year extension for block 2714A, Namibia

BY IAIN PACKHAM

LONDON -- Chariot Oil & Gas said that the Namibian Ministry of Mines and Energy has approved a one year extension to the first renewal period for Block 2714A.

The bock is held in partnership with Petrobras (Operator), BP (45%) and Chariot's wholly owned subsidiary Enigma Oil and Gas.

The extension of this first renewal phase will allow the partnership to complete its analysis of the drilling results of the Kabeljou-1 exploration well in order to progress the description of the rest of the prospectively in the license, allowing the partnership to take an informed decision on its forward plan for the block and its commitments for the next phase of development.

The extension will also enable Chariot to evaluate and incorporate results from a third party well that is anticipated to take place in close proximity in the 3Q of 2013.

Dow Jones Newswires

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