The company has a 100% operated interest in BAR-M-292, 293, 313, and 314 on a seismic option during the first exploration phase.
Only three deepwater wells have been drilled in the basin to date, but these have proven the presence of high-quality Tertiary and Cretaceous turbidite reservoirs.
In addition, legacy shallow-water wells drilled in-board of Chariot’s acreage revealed the presence of Cenomanian-Turonian source rocks, with evidence for sufficient burial for hydrocarbon generation as supported by shows in offset wells and potential seismic direct hydrocarbon indicators.
Last March, the company completed acquisition of a775-sq km (299-sq mi) 3D seismic survey that took in a large roll-over structure and various leads its team had identified on legacy 2D seismic.
The results have been processed and final data is currently being interpreted in-house. The focus will be on reservoir distribution and identification of stratigraphic and structural traps.
Early processed products display clear turbidite reservoir geometries extending from the shallow water of Chariot’s licenses downdip toward the neighboring block to the north.
The company plans to complete work on the prospect inventory ahead of anticipated third-party drilling in nearby acreage which will test the basin, in the process de-risking the Chariot acreage which is within the same play fairway, but in an updip setting.
Following completion of interpretation, Chariot will likely begin seeking partners for its next-phase programs, which include optional drilling and an environmental impact assessment.