Chariot Oil & Gas Limited announced that it has signed a contract for acquisition of a 1,351 square miles (3,500 square kilometers) 3D seismic survey in Block C19 offshore Mauritania. The Company has contracted Fugro-Geoteam AS to carry out the program in water depths ranging from 98 feet to 6,562 feet (30 meters to 2,000 meters). The program is expected to commence Nov. 15, 2012 and the acquisition is anticipated to take approximately 90 days to complete.
Block C19, in which Chariot holds a 90 percent stake, is located in the Central Atlantic Margin, offshore Mauritania. The 3D survey will cover the southern portion of the block containing an extension of both Tertiary and Cretaceous age deep marine sandstone plays. These plays are anticipated to be charged by the same prolific mid Cretaceous age source rocks proven effective by fields and discoveries in adjacent acreage. The 3D survey is intended to identify both structural and stratigraphic traps with the latter offering potential for large trap sizes.
By carrying out this 3D seismic survey, Chariot will be fulfilling its work commitments for the initial three year period within Block C19. Once acquired, processed and interpreted, the Company will report its results in the form of both volume potential and prospect identification. From this, it is expected that a number of prospects would then be matured and tested in a subsequent exploration phase.
Paul Welch, CEO of Chariot, commented:
"Chariot continues its aggressive exploration program within its broadening West African portfolio. This 3D seismic acquisition campaign will enable the Company to mature the subsurface potential of Block C19 and create a portfolio of prospects in our Mauritanian acreage. I look forward to reporting on the results of this activity in the second half of 2013."
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