Chariot Wraps Up Seismic Gig Offshore Namibia

Chariot Oil & Gas has completed the 1,351 square miles (3,500 square kilometers) 3D seismic acquisition program across its Central Blocks (2312 A & B and Northern halves of 2412 A & B) offshore Namibia. The operation, carried out in conjunction with Petroleum Geo-Services ("PGS"), was acquired by the Ramform Viking using the latest GeoStreamer™ technology. The survey targeted an area in the north east section of the license that contains 11 leads with a combined prospective resource potential of 3.972 billion barrels of oil. Processing and interpretation of the data collected has commenced and we look forward to being able to report the results in the second half of this year.

Paul Welch, CEO, commented, "This 3D seismic survey is the largest undertaken by Chariot to date and, due to the Geostreamer™ technology, has provided excellent quality data despite difficult weather conditions at times. The Central Blocks are the least mature of our portfolio and we look forward to receiving the processed information, which will enable us to identify further targets to include in our long term drilling campaign."