Chariot Spuds Nimrod Prospect

Africa-focused Chariot Oil & Gas announced Friday that it has begun drilling operations on its Nimrod prospect, offshore Namibia.

Chariot, which is currently involved in a campaign to explore pre-salt plays off the coast of Namibia, said that the Kabeljou-1 well is the second in its four-to-five well drilling program in the region. The well is being drilled by the Ocean Rig Poseidon (UDW drillship).
The firm has previously reported that Nimrod is estimated to contain around 4.9 billion barrels of potential gross mean prospective resources.
The prospect is located in the Orange Basin in Southern Block 2714A, where Chariot has a 25-percent equity interest. Petrobras Oil and Gas has a 30-percent interest and is the operator of the well, with BP Exploration (Namibia) holding 45 percent. The drilling location is around 50 miles offshore Namibia in 1,180 feet of water and has an estimated total drilling depth of approximately 11,000 feet.
Drilling and logging operations are expected to take approximately 60 days.
"Nimrod is the biggest prospect in our inventory and any success would be transformational for both Chariot and Namibia," Chariot CEO Paul Welch commented in a company statement.
Oil analysts at investment bank UBS pointed out that Chariot still has many options beyond the Kabeljou well, which it gives a 15-percent chance of success.
"Following the Kabeljou well, which is carried by BP, Chariot has the central block in Namibia still to farm out once 3D seismic interpretation is complete (October), and the block in Mauritania, plus cash to drill at least one further well," a UBS research note stated on Friday.


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