Chariot identifies large prospect off Namibia

Chariot Oil & Gas has upgraded its estimate of prospective resources by 3.1 Bbbl for the Southern license 2714A offshore Namibia.

Offshore staff

LONDON-- Chariot Oil & Gas has upgraded its estimate of prospective resources by 3.1 Bbbl for the Southern license 2714A offshore Namibia.

New technical studies of 3D seismic acquired across the block, in which Chariot has a 50% interest, identify additional resources within a single “mega-structure”. The program included re-mapping and seismic attribute analysis.

Results have lifted the estimated chance of drilling success on this primary prospect from 16% to 20%. The gross mean unrisked prospective resource volume in the license now stands at 13.2 Bbbl.

Cahriot says the mega-structure, 500 sq km (193 sq mi) in area, lies entirely within the 3D seismic survey. It displays seismic attributes, including AVO anomalies, indicative of a hydrocarbon charge in what is presumed to be a Lower Cretaceous deltaic sandstone reservoir.

The geological interpretation (a sealed reservoir within a large structural closure surrounded by a mapped potential charge kitchen) suggests the AVO anomaly is valid, the company adds.

Chariot continues to evaluate other plays in the block, notably deeper Barremian targets, equivalent to the reservoir level of the Tullow-operated Kudu field, where there is evidence of additional AVO anomalies.

01/13/2011

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