Junior explorer Chariot Oil & Gas reported Friday that Namibia's Ministry of Mines and Energy has approved a one-year extension to its offshore license covering Block 2714A.
Chariot holds a 25-percent interest in the license, while operator Petrobras has a 30 percent holding and BP has 45 percent.
Chariot said the extension of the First Renewal Phase will allow the partnership to complete its analysis of the drilling results of the Kabeljou-1 exploration well in order to take an "informed decision" on plans for the block and commitments for the next phase of development. Kabeljou-1 did not find commercial hydrocarbons when it was completed late last year, but it did find encouraging source rock and hydrocarbon shows.
Chariot added that the extension will also enable it to evaluate and incorporate results from a third-party well that is anticipated to be drilled nearby during the third quarter of this year.
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