Chariot Secures UDW Drillship for Nimrod Prospect

Chariot Oil & Gas Limited announced that in conjunction with its partners, its wholly owned subsidiary, Enigma Oil & Gas (Pty) Limited, has reached an agreement with Ocean Rig UDW Inc. to use the Ocean Rig Poseidon (UDW drillship) to drill the Kabeljou (2714/6-1) well on the Nimrod prospect. The Poseidon, which is currently on a long-term contract with the Operator, is anticipated to arrive on location in July 2012 and the drilling operations will commence shortly thereafter.

The Nimrod prospect is located in the Orange Basin in Southern Block 2714A where Chariot has a 25% equity interest. The Kabeljou well is expected to take approximately 2 months to drill. The drilling location is 48 miles (77 kilometers) offshore Namibia in 1,181 feet (360 meters) of water with an estimated total drilling depth of 10,171 feet (3,100 meters) true vertical depth subsea ("TVDss").

This is the second well to be drilled in Chariot's 4 to 5 exploration well program offshore Namibia.

Concurrently, the Company is processing the 3D seismic data acquired from the recent survey carried out in the Central Blocks with initial results showing that the data quality is very good. Detailed analyses are due to commence on the samples from the Tapir South well shortly and once these evaluations are complete, and the results of the Kabeljou well have been assessed, the Company will be in a position to determine the next wells of the drilling program for 2013.

Paul Welch, CEO of Chariot, commented: "We are very pleased to be advancing with our drilling program and eagerly anticipate the spud of the Kabeljou well with our partners. Nimrod is one of the biggest prospects due to be drilled worldwide this year and we look forward to being able to update the market with further news on this hugely significant well in due course."


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Graeme hope | May. 21, 2012
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