Chariot Oil & Gas Limited, the Atlantic Margins focused oil and gas exploration company, confirms that the Ministry of Mines and Energy, Namibia has approved a one year extension to the First Renewal Period for Block 2714A, held in partnership with Petrobras Oil & Gas B.V.(30%) (Operator), BP (45%) and Chariot’s wholly owned subsidiary Enigma Oil and Gas (PTY) Ltd. (25%).
The extension period will commence on 31 August 2013.
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 prospectivity in the licence, 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 Q3 2013.
[mappress] Press Release, June 07, 2013; Image: Chariot