Chariot Oil & Gas Limited
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NEWS
11 October 2012 Chariot Oil & Gas Limited Acquisition of Offshore Exploration Blocks, Morocco Chariot Oil & Gas Limited (AIM: CHAR)
the independent Africa focused oil and gas exploration company, is pleased to announce that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd., has entered into an agreement with Maghreb Petroleum Exploration S.A. ("MPE") whereby MPE will transfer its 75% ownership and operational interests in two of its offshore licences, Loukos and Casablanca/Safi, to Chariot.
In exchange, Chariot will take on the work commitments and obligations of the initial exploration phase for each licence. This transfer remains subject to the approval of the Moroccan authorities before it becomes effective.
On approval, Chariot will hold a 75% equity interest in the Loukos and Casablanca/Safi exploration permits with the Office National des Hydrocarbures et des Mines ("ONHYM") holding the other 25%.
The Loukos licence is 1,925km2 in size and extends from the coast to some 50km offshore with water depths between 5m and 110m. The Casablanca/Safi licence is 3,500km2 in size and is similarly situated to Loukos in terms of its extent offshore with water depths between 5m and 165m.
Following approval, Chariot will be required to reprocess 835km of 2D seismic data within the Loukos licence and 1,200km of 2D seismic data within the Casablanca/Safi licence, a total of 2,035km within a six month exploration period.
Once complete, Chariot will have the option to move forward into further exploration phases which would involve the acquisition of 3D seismic data and the subsequent undertaking of exploration drilling activities.
The Loukos and Casablanca/Safi licence areas are excellent further additions to Chariot's existing offshore West Africa portfolio. Morocco has proven oil reserves and working petroleum systems ranging from the Jurassic to the Tertiary with the potential for the extension of the prolific Paleozoic systems of Algeria into the area.
Chariot will be targeting the potential of the Paleozoic and younger systems in these permits. The country also offers competitive fiscal terms, a supportive regulatory framework and an excellent state oil company in ONHYM which contributes to the overall attractiveness of the opportunity.
It is Chariot's intention to apply modern exploration techniques to the results of previous exploration work carried out in these licence areas with the aim of identifying substantial potential. Paul Welch, CEO of Chariot, commented: "In line with our strategy, Chariot has continued to seek out underexplored highly prospective opportunities with the intention of maturing them into drillable oil prospects.
The Loukos and Casablanca areas have been of interest to Chariot for some time and we are pleased to have these additional assets, which we consider to hold significant potential, as part of our broader West African portfolio. We look forward to evaluating and developing this valuable acreage alongside our new partner ONHYM."
19 October 2012
3D seismic programme contract signed for Block C19, offshore Mauritania
Chariot Oil & Gas Limited (AIM: CHAR), the independent Africa focused oil and gas exploration company, is pleased to announce that it has signed a contract for acquisition of a 3,500km2 3D seismic survey in Block C19 offshore Mauritania. The Company has contracted Fugro-Geoteam AS to carry out the programme in water depths ranging from 30m to 2,000m. The programme is expected to commence on 15 November 2012 and the acquisition is anticipated to take approximately 90 days to complete.
Block C19, in which Chariot holds a 90% 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.
"Chariot continues its aggressive exploration programme 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."
..Loukos and Casablanca / Safi licences and covers an area of 10,782km², giving Chariot an aggregate acreage position of 16,207km² offshore Morocco.
http://otp.investis.com/Utilities/PDFDownload.aspx?Newsid=279419
Company Analyses: Chariot Oil & Gas Seite 78 - 87
..We estimate that the current fair value of Chariot‘s share price is 62p, which is roughly 2x higher than its 30p price on 19 October 2012. In our success‘ scenario we estimate Chariot‘s shares could be worth 380p by end-2013, while in our failure‘ scenario we estimate they could be worth 25p. We outline our key assumptions behind these estimates below. As Chariot‘s market cap is below its net cash it is not possible to calculate an EV/net risked 2P prospective resource multiple.
Quelle: www.whlenergy.com/IRM/Company/ShowPage.aspx/PDFs/1409-88516304/RFCAmbrianSubSaharanOilandGas
User "Tarles
"Evening, I said yesterday's post would be my last for the year but never expected today's news I must admit. Anyway I have just ploughed through the various posts from today and must say not sure why some of you are surprised by today's board changes? It's been a very disappointing year for Chariot, so for me this move today was no surprise. Paul Welch's orientation was towards petroleum engineering whilst Larry Bottomley and Philip Loader have backgrounds in geoscience.
Larry Bottomley has significant experience in exploration over the last 30 years. Having been with the Chariot as Executive Chairman for over a year, this should ensure some business continuity. He is a geophysicist credited with rebuilding BP’s exploration model in the 1990s and with particular expertise in developing work programmes that have fostered significant exploration success, including as Vice President of Exploration with Pernco SA, where he developed opportunities in Brazil, Iraq, Australia and Belize amongst other achievements.
Today's board changes are very positive in the company's future plans IMO. I have it from good authority that the boards strategy remains in place, but there will be a heightened focus on capital discipline and that the massive exploration landholdings in Mauritania and Morocco will be thoroughly reviewed to high-grade exploration concepts and prospects. More detail on this will be forthcoming in early 2013.
The new CEO suggests a clear focus on partnering, spreading risk, reducing costs and accelerating the pace of portfolio, where appropriate, across Chariot’s prospective acreage in Namibia, Morocco and Mauritania.
The next key driver for us will be to farm out the central blocks with a fully carried well early in the new year!
Regarding Paul's share options these will be explained in detail in the year end results around April 2013.
All the best all
T
">http://www.iii.co.uk/investment/...tn:CHAR.L&display=discussion"> http://www.iii.co.uk/investment/detail
uk.finance.yahoo.com/news/major-changes-chariot-oil-gas-1143000
Major Changes At Chariot Oil & Gas
By Stuart Watson | Fool.co.uk – 6 hours agoEmail0tweetShare0Print
It's been a tough year for shareholders of Chariot Oil & Gas . The African-focused explorer has suffered from dry-well syndrome, and its shares have slumped from as high as 200p to just 27p today.
Last month, Larry Bottomley was appointed as the company's executive chairman, having originally joined Chariot during September 2011 as a non-executive director.
It seems there could have been some heated discussions in the Chariot boardroom since then, as today the company announced that its chef executive, Paul Welch, and commercial director, James Burgess, are both leaving the company with immediate effect.
Bottomley becomes Chariot's new chief executive, while Mark Reid has been appointed to the board as finance director, having previously performed the same role at Aurelian Oil & Gas.
Of course, it's impossible to know what has been happening behind the scenes, but a major shake-up such as this will undoubtedly have an impact.
Chariot's market cap is £54m, but it had £70m of cash on its balance sheet as at 30 June 2012. At first glance, this may indicate a bargain, but oil companies are usually committed to expenditure programmes under the terms of their exploration licences. So what may seem like a healthy cash balance can soon be depleted.
In Chariot's case, it is currently carrying out a 3D seismic programme at a recently acquired block in Mauritania, and its latest presentation indicated that no new drilling was likely until the end of 2013.
Many of Chariot's licences are offshore, with some in deep water, which is usually more expensive to explore. Nevertheless, this oil explorer has managed to attract an impressive list of partners for its recent drilling programmes, and it will be interesting to see who Chariot has along for the ride next time.
Chariot Oil & Gas Limited (AIM: CHAR), the Africa focused oil and gas exploration company, today gives the following update ahead of its full year results for the year ended 31 December 2012.
In addition to its expansion into Mauritania earlier this year, the Company has continued to diversify and balance its portfolio through the acquisition of further licence areas, Casablanca/Safi, Loukos and Rabat Deep, in Morocco. This served to both further broaden the Company's West African focus and also de-risk the exploration portfolio as Chariot now operates in frontier, emerging and proven hydrocarbon provinces with highly prospective acreage positions across three countries and five basins.
In line with its fast-track exploration policy, and with the support of the Mauritanian Ministry, the Company commenced a 3500km2 3D seismic survey in Block C19 within 5 months of receiving government approval of the licence. Both Morocco and Mauritania have seen increasing industry activity in recent months and the Company's Mauritanian dataroom, which opened this month, has already generated interest.
With regards to Chariot's Namibian acreage, the Company was pleased to announce the approval of the Second Renewal Phase for Northern Blocks 1811A&B and Southern Block 2714B in October. The in-house technical team continues to analyse and calibrate the results of both the Tapir South and Kabeljou well with the 3D seismic datasets. In the Central Blocks, the newly acquired 3500km2 3D seismic data is currently being mapped which will lead to an update to the prospective resource volumes in Q1 2013. A dataroom will be opened concurrent to this, which will include the data of both the Central and Northern block licence areas.
Owing to the significant amount of new proprietary information that the Company has acquired through the 2012 drill programme, Chariot's prospective resource inventory is currently under review and it is intended that an updated prospect inventory and consequential work programme will also be provided in Q1 2013.
The Company will focus on risk management going forward. The current work programmes require minimum expenditure and there is good head room for partner participation in the acreage which will ensure that Chariot retains a strong cash position. Management will continue to seek to reduce capital exposure through attracting further farm-in partners to share the costs and rewards of exploration.
Larry Bottomley, CEO, commented:
"Chariot's strategy remains centred around creating transformational growth through the discovery and development of new hydrocarbon provinces. Our Namibian assets are now part of a more diversified West African portfolio and we are very pleased to be early entrants with new licences in Mauritania and Morocco. We have acquired a substantial amount of data in recent months within our Namibian acreage, which remains our focus, enabling the team to work with a markedly increased amount of geological and geophysical information. This information is currently being reviewed and we look forward to providing an update on our prospective resource potential."
otp.investis.com/clients/uk/chariot-oil-and-gas/rns1/regulatory-story.aspx
Share Price Drivers von Tarles 17:36
http://www.iii.co.uk/investment/detail?code=cotn:CHAR.L&disp…
Plenty of share price drivers early 2013...
4Q12: Mauritania Block C-19 (Chariot: 90%*) Initial resource estimate based on existing 2D seismic. We expect Chariot to provide an initial assessment of the prospectivity of its Mauritanian block based on 2D seismic. A Competent Persons Report may follow later in the year once 3D seismic has been completed.
4Q12: Mauritania Block C-19 (Chariot: 90%*) Commencement of 3D seismic. Chariot is committed to carry out a 1,600km2 3D seismic survey, expected to commence in late 2012 at a cost of ~$20m. Vessel is en-route and will be at location end of this week.
1Q13: Namibia Northern Area Blocks (Chariot: 100%*). Resource update and possible Competent Persons Report. Management is currently assessing whether the Tapir-North prospect source kitchen could lie within the oil window (Tapir-South was under mature). If it sees prospectivity it is likely to issue an updated CPR and launch a farm out process. It will not seek to drill this prospect on 100% equity.
1Q13: Namibia Central Blocks (Chariot: 90%*, PGS 10%) Competent Persons Report & Launch of Farm Out Process. The CPR will incorporate 3D seismic shot during 2012 and clarify resource potential, prospect sizes and GCoS. I expect the farm out process and data room to be formerly launched in February 2013. Chariot will seek full carry for the drilling costs (expected to be ~$80m gross).
1Q13-3Q13: Namibia Southern & Central Blocks. HRT embarks on 4 well drilling campaign. Brazilian player HRT has secured a Transocean rig and plans a 4 well campaign. Newsflow could drive sentiment for the other Namibian exposed company's.
1Q13-3Q13: Mauritania. Tullow Oil embarks on 4 well drilling campaign in early 2013 across a number of its licences in Mauritania. Newsflow from that campaign could drive sentiment for Chariot, given the material position it has acquired in Block-C-19, adjacent to Tullow’s Block C-18.
2Q13: Namibia Southern Blocks (Chariot: 25%, BP 45%, Petrobras 30%*) Resource update and possible CPR. Once Kabeljou-1 well analysis is complete we expect the consortium to provide more detailed information on the reservoir and source rock characteristics. An updated CPR may be published incorporating this new data.
2Q13: Namibia Southern Blocks (Chariot: 25%, BP 45%, Petrobras 30%*) Licence extension decision. I understand in May 2013 the JV must decide whether to continue into the next 2 year phase of the permit. This is a decision point for all equity holders.
4Q13: Namibia Central Blocks (Chariot: 90%*, PGS 10%) Drilling of first exploration well on the blocks. Pending successful farm out Chariot targets drilling of an exploration well late in 2013.
100% 1811 A & B Northern Blocks, Area 5481 km2
90% 2312 A & B Central Blocks, Luderitz/Walvis Basin Area 16801 km2
50% 2412 A & B Central Blocks
25% 2714 A Southern Blocks, Orange Basin Area 5481 km2
100% 2714 B Southern Blcoks, Orange Basin Area 2741 km2
http://www.namcor.com.na/hydrocarbon-licence-map
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News die den Kurs schnell wieder in andere Regionen katapultieren könnte..
user Jimmy24 aus dem www.iii.co.uk/investment/detail Board
I agree with you that the current share price is not going to recover to over a £1.00 without news from either from Chariot or others exploring near chariots acreage. This is where i see the newsflow that could impact chariot.
February - HRT to start drilling the Wingat prospect in the Walvis Basin, close to Chariots blocks- 25Km
March - results from Serica 3D central blocks in Namibia- BP to announce the drilling of a well later this year.
March - Chariot announce results of 3D seismic in Central Blocks,- expect very large increase in prospective resources, based on previous outline of prospect sizes (now withdrawn fro the Dec presentation), excellent quality seismic which can detect reservoir fluids- so direct hydrocarbon indicators , with 3D seismic tied to a well only 20Km away. Data room to open for farm out. I expect 3D seismic is currently being re processed for AVO anomolies, hence delay.
April - results of HRT wingat prospect, looking for confirmation of oil source rocks, and reservoir is expected to be a carbonate reef, so no direct impact on nearby acreage which is targeting turbidite reservoirs. However, an oil flow would dramatically change the sentiment for oil exploration in Namibia.
April - Tullow start well in Mauritania, in block adjctent to Chariots, first of 3 wells in Mauritania.
May - HRT start second well in Walvis Basin, Murombe, large deep turbidite reservoir at circa 5,000 meters so will take circa 3 months. Very important well for propectivity of Walvis/Luderitz basin
May - BP/PB Chariot need to take decision on going into next stage of licence in Namibian Block 2714 A, expect a well commitment. Limited data to be released, possibly size of remaining Nimrod prospect, however as HRT have yet to drill Moosehead prospect in Block 2713 I think they will say almost nothing.
June - result of analysis of Northern Blocks and Tapir. The well cost has been written off. We are looking to see if oil mature source rocks found in the licence area. Most likely to be in Northern part of licence. I would like to see an oil seep map to be re assured. Expect announcement of data room opening and farm out. No well commitment without a farm out.
June - Results of Tullow well in Mauritania
July -
August - Results of HRT murombe well in the Walvis Basin
August - Chariot farm out its Central blocks for a well to be drilled by ?
August - Block 2714 A licence is approved by Namibia for a two year extension with a well commitment
September - HRT start to drill Mooshead prospect in Block 2713, next to Chariots block
September - Repsol announce drilling date for its Northern Licences, next to Chariots Block 1811
October - Cairn to drill Morroco
October - Results of Chariot Mauritania 3 D, expect large deep water turbite stratigraphic trap prospects.
There is a lot going on, success anywhere would be a catalyst for a sharp move upward in the share price. Jimmy
von der Eco Atlantic Oil & Gas Homepage
www.ecooilandgas.com/_resources/...Fact%20Sheet%20December%281%29.pdf
www.ecooilandgas.com/_resources/presentations/..._January_13_2013.pdf
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http://otp.investis.com/generic/...ory.aspx?cid=351&newsid=314287
Operational Update
Released : 19/02/2013
19 February 2013
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Operational Update
Chariot Oil & Gas Limited (AIM: CHAR), the Africa focused oil and gas exploration company, today provides an operational update across its portfolio and a revised forward-looking work programme.
Over the last year the Company has drilled two exploration wells and acquired 3,500km2 of 3D seismic data in Namibia; acquired an exploration licence and 3,500km2 of 3D seismic data in Mauritania; and secured three additional exploration licences in Morocco. The net acreage base has almost doubled to approximately 46,000 km2 over this period. Given this activity and growth, the Company has undertaken a review of its portfolio, matured the description of the prospect inventory and re-cast the forward exploration programme. In summary:
· The partnering process in the Namibian Northern Area has been initiated with the aim of drilling with a partner in 2014. The Zamba prospect is the priority target and has gross mean unrisked prospective resources estimated at 375 million barrels ("mmbbls").
· The Namibian Central Area partnering process will be initiated in 3Q 2013 with the aim of drilling with a partner in 2014. The two principal prospects have gross mean unrisked prospective resources estimated at 1.1 billion barrels ("Bbbls") and 570mmbbls.
· The Company has identified a new play in the Namibian Southern Area following the drilling of the Kabeljou-1 well. Maturing this play will require additional 3D seismic data, and an acquisition programme is being planned for 2014.
· Drilling in Mauritania is targeted for 2015 and drilling in Morocco is forecast for 2016. The Mauritanian play may have leads with resource ranges similar to the analogous Banda field with reported resources of c.300mmboe - a resource update is planned for 1Q 2014 further to interpretation of 3D data. A mapped lead in Morocco has a gross mean prospective resource estimated at 400mmbbls. Both areas have the potential for multiple targets.
· The Company's cash position as at 31 December 2012 was US$68.3million (unaudited) and all contractual licence commitments are fully funded through 2014.
Namibia:
Northern Area
Analysis of the well data from Tapir South-1 has been completed. As reported on 14 May 2012, no commercial hydrocarbons were discovered and the well was plugged and abandoned. However, the proprietary information gained from this well has been beneficial, improving the Company's understanding of the hydrocarbon potential of the area so that, whilst some prospectivity has been eliminated, the risk on other prospects has been reduced.
In particular, the Zamba prospect is now a priority target whilst the Tapir trend has been removed from the prospect inventory. Zamba is interpreted to be a carbonate target overlain by salt and which is on trend with recent Angolan discoveries. Following a re-evaluation, the main part of the Zamba prospect now stands at a gross mean unrisked potential resource estimate of 375mmbbls. The partnering process has been initiated and updates on this will be provided as appropriate. Should this process be successful, the Company plans to drill this prospect in 2014.
Central Area
In the Central Area, the newly acquired 3,500km² of 3D seismic data has been interpreted and a total of 19 targets have been identified which fall into 13 prospect areas. These new targets consist of multiple reservoir types - deep water canyon heads (analogous to those found offshore Ghana), channel and fan systems and shallow water reefs, shelf-edge carbonates and clastics. These reservoirs occur in two petroleum systems, one with potential hydrocarbon charge from deeper synrift source rocks and the other from shallower deep marine source rocks.
From these targets, 11 prospects are of interest and have gross mean unrisked potential resource estimates ranging from 160mmbbls to 1.1Bbbls. The principal prospect in each of the petroleum systems are Prospect 1 and Prospect B and have gross mean unrisked prospective resources estimated at 1.1Bbbls and 570mmbbls respectively.
More leads exist outside of this 3D survey, however management is focusing on the two nearer term drillable prospects. Upcoming third party drilling in the area will further improve the understanding of the basin, enabling the Company to optimise prospect selection for subsequent drilling. In order to enable the Company to capture the value of this third party drilling, Chariot will initiate the partnering process of the Central Area in 3Q 2013, with the aim of commencing drilling in 2014.
Southern Area
Final evaluation of the Kabeljou-1 well by the Operator of the block is still underway and an update to the prospect inventory in 2714A is pending following these results, which are expected at the end of March 2013. These well evaluation results will inform the forward plan in the block which will be agreed with the partners at this time.
Chariot's in-house work on the well data has demonstrated the potential for a new play system in 2714B. Preparation is underway to capture the value associated with this new play which will require additional 3D seismic data and an acquisition programme is planned for 2014. The completion of the well evaluation along with the outcome of expected third party drilling this year in adjacent acreage will have a major impact on prospectivity assessment.
Mauritania:
Mauritania is a proven oil producing region with multiple discoveries made to date, further field developments planned, and several wells scheduled for drilling by other industry players this year. Since acquiring its acreage in June 2012, Chariot has completed a 3500km2 3D seismic survey which targeted deep water canyon head, channel and fan systems that had been identified on the legacy 2D seismic data and which are analogous to nearby discoveries (such as the Banda field with reported resources of c.300mmboe). Processing of the 3D data is currently underway, and the data is expected to be ready for interpretation in November 2013, with a resource update planned for 1Q 2014.
Chariot has already received industry interest in its Mauritanian acreage and a process to identify a partner for drilling will be initiated once interpretation is complete. Should this be successful, it is anticipated that drilling will commence in 2015.
Morocco:
Chariot's offshore Moroccan licences are located near to historic onshore oil production, current onshore gas production and oil and gas condensate discoveries in both the offshore and onshore. Oil slicks, seeps and seismic direct hydrocarbon indicators (DHIs) within Chariot's licences support the presence of a hydrocarbon system. The northern margin of Morocco is thought to be analogous to the conjugate Nova Scotia basins where significant discoveries have been made in the same play systems targeted by the Company.
A large carbonate bank lead has been identified on the legacy 2D seismic data in the Rabat Deep licence which has a gross mean unrisked prospective resource estimate of 400mmbbls. Seismic data in the adjacent basinal areas in the block displays salt structures and exhibits seismic facies indicative of deep water marine sands. A 3D seismic programme will be designed in 3Q 2013, post the results of the Company's interpretation of the re-processed 7,000km of legacy 2D data, which is currently underway. The proprietary seismic survey is planned for 1Q 2014, with the well partnering process to be carried out in 2015 and potential drilling to take place in 2016.
Cash Position
As at 31 December 2012 the Company's cash balance was US$68.3 million (unaudited) compared to US$112.4 million as at 30 June 2012. This cash utilisation was comprised of US$36.5 million of expenditure incurred on Namibian drilling and seismic activities, US$2.4 million on Mauritanian and Moroccan G&G and G&A and US$5.2 million on other G&G and G&A costs. In 2013 the Company expects to pay c.US$25 million for the acquisition, processing and interpretation of the 3500km2 3D seismic survey carried out in Mauritania, with plans for a further US$15 million planned for other G&G and G&A costs. All contractual licence commitments are fully funded through to the end of 2014.
Chariot has a track record of securing industry finance and will continue to seek partners for its assets in order to distribute risk and provide additional funding for the further exploration and development of its portfolio.
Larry Bottomley, CEO, commented:
"Chariot's goal is to create transformational stakeholder value through the discovery of material accumulations of hydrocarbons. The Company's strategy to achieve this goal remains the same: Chariot will continue to explore in new or emerging hydrocarbon provinces, take large equity positions in the early phases of exploration and manage risk through levered partnering, portfolio diversity and the application of technology. The Company is committed to applying capital discipline throughout all of its projects.
In acquiring our licences in Mauritania and Morocco last year, we demonstrated our ability to secure early access to further quality acreage in areas that are receiving increasing interest from the oil and gas industry. We will continue to pursue New Venture activities as this is an important ongoing value creation catalyst for our business.
Whilst this operational review has led to a revised timetable on our prospective drilling, this approach will help to further de-risk the drilling targets we ultimately select. We believe all our assets have the potential for giant discoveries, we have a focused strategy and we are committed to realising the value in the portfolio."
Chariot will be holding a presentation to research analysts today and a webcast of the Company's updated investor presentation will be available on the website - www.chariotoilandgas.com - from 10am this morning.
For further information please contact:
Chariot Oil & Gas Limited | +44 (0)20 7318 0450 |
Larry Bottomley, CEO | |
RBC Capital Markets (Joint Broker and NOMAD) Martin Eales, Pierre Schreuder
Jefferies International Limited (Joint Broker) Chris Zeal, Jamie Buckland
| +44 (0)20 7653 4000
+44 (0)20 7029 8000
|
FTI Consulting Natalia Erikssen | +44 (0)20 7831 3113
|
NOTES TO EDITORS
About Chariot
Chariot Oil & Gas Limited is an independent oil and gas exploration group. The Group currently holds licences covering eight blocks in Namibia, through its wholly owned subsidiary Enigma Oil & Gas Exploration (Pty) Limited, one block in Mauritania through its wholly owned subsidiary Chariot Oil & Gas Investments (Mauritania) Ltd., and three blocks in Morocco through its wholly owned subsidiary Chariot Oil & Gas Investments (Morocco) Ltd. all of which are offshore. All of these blocks are currently in the exploration phase.
The ordinary shares of Chariot Oil & Gas Limited are admitted to trading on the AIM Market of the London Stock Exchange under the symbol 'CHAR'.
The contents of the Company's website are not incorporated into, nor do they form part of, this announcement.
This information is provided by RNS
http://www.offshore.no/international/news/article.aspx?Id=21439
Chariot signals new schedule Posted 19.02.2013 08:46:29 av John Bradbury http://old.offshore.no/admi'_map_licences_Chariot_M.jpg old.offshore.no
African explorer
... (automatisch gekürzt) ...
http://old.offshore.no
Zeitpunkt: 19.02.13 11:15
Aktion: Kürzung des Beitrages
Kommentar: Urheberrechtsverletzung, ggf. Link-Einfügen nutzen - Bitte nur kurz zitieren und Vollzitate vermeiden.
www.iii.co.uk/articles/75890/chariot-dives-drilling-rearrangement
..firstly, cash is king - Chariot is funded through to 2014, with the aforementioned $68 million at the end of 2012. It has commitments to spend another $40 million in 2013, with $28 million still remaining for any other opportunities that may arise. The minimal risk of a placing is sure to settle some nerves.
Secondly, more news will keep the explorer in the spotlight: it reiterated that an update to the prospect inventory in 2714A in Namibia is expected at the end of March.
Shares in the company have lost about fourth-fifths of their value over the past year.
***gewaltig..
Im Juni 2012 betrug der Cash Bestand noch satte $112 Millionen Dollar. Namibia verschlang allein im letzten halben Jahr 36,5 Millionene Dollar für Drilling + Seismik. Mauritaninen+ Marokko 2,4 million. Und 5,2 million Dollar für diverse andere geological and geophysical (G&G) and general and administrative (G&A.) Aufwendungen.
Für 2013 sind nochmals 40 Millionen Dollar Ausgaben für Seismic etc. geplant. 25 Millionen Dollar für 3500km² 3D Seismic Mauritanien (Acquistion, Processing, Interpretation) 15 Millionen für diverse G&G + G&A.
restliche 20 Millionen für sonstige Deals die sich bieten..
Dieses Jahr also No drills and De-Risking. Nun gut.
Dafür drillt HRT in Kürze in Namibia und Tullow in Mauretanien.
Hoffen wir Gutes...
http://investing.thisismoney.co.uk/broker-views/...hariot-Oil-Gas-Ltd
Jefferies International: Recommendation: Buy New Price Target 50p
http://www.chariotoilandgas.com/files/8013/6126/...gh_Exploration.pdf
http://www.brrmedia.co.uk/event/109698/...ley-chief-executive-officer
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Trading Volume 7.9 Mill. Shares (4 Week Volume 57 Mill. Shares)
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allafrica.com/stories/201303080338.html
...Two years ago HRT announced that it found more than '200 oil seeps' in Namibia's offshore basin, in deeper water in the Walvis and Orange basins, west of the Kudu gas field. HRT Africa features another Namibian petroleum aspirant entrepreneur Knowledge Katti. HRT however says its faith in the presence of oil in the Walvis and Orange basins is rooted in the fact that the two basins mirror the Santos and Campos basins in Brazil where the biggest crude oil discoveries have been made.
...HRT Africa promised N$350 000 a year to marine preservation, by 2020, again a dollar for every oil barrel produced, which gives a production of 350 000 crude oil barrels per annum estimate. HRT has said the presence of Kudu gas is already an indication of oil presence, somewhere along the basins, and uses the example of a child and a mother. "If you find a baby crying you have to look for its mama," Mello famously uttered with the mother being the oil deposits.
Noch liegt das Rig im Hafen der Walvis Bay.. www.marinetraffic.com/ais/de/default.aspx ca. 200 Meilen sind es bis zum ersten Bohrpunkt im Wingat Prospect. Chariots Central Blocks sind nur wenige Meilen davon entfernt.
www.mzweb.com.br/hrt/web/default_en.asp ( HRT Web Site )
www.mzweb.com.br/hrt/web/download_arquivos.asp ( HRT 4QT12 Results CC Presentation )
hrt.jpg (verkleinert auf 49%)
von Tarles aus dem iii board... www.iii.co.uk/investment/detail
Morning ST,
What a question to ask me this early on a Sunday morning! Lol...
In my very honest opinion and you will understand and see why I see this as share with huge potential from here with some information I was told since the Kabeljou rns.
Yes HRT will spud its Wingat prospect in the coming week or so, the prospect has a direct read through to our Central blocks. 60 days drilling time means news around May for this well, anticipation/rumours etc will as has always been a factor in shares rallying, not saying it is a given but look at our share price on anticipation of Tapir and Kabeljou...and this is the first of possibly 4 wells to be drilled offshore Namibia by HRT this year, so even if this is not positive as you say we still have other wells to ride off.
Lets get back to our direct news flow.
Petrobras/BP/Chariot may be in a position to provide more detailed data from well analysis and seismic data taken from Kabeljou as soon as the end of March, so only weeks away, I am led to believe. The data will tell us the quality of the source rock encountered and whether there is potential to see higher quality reservoir in other parts of the Nimrod Delta. From this the JV will decide whether a second well will be drilled on the blocks.
Footnote.. Petrobras and BP still have a base in the region, BP have further exploration licences in the area Petrobras don't, but they have storage facilities on long term contract in
Walvis Bay.
During Oct -11 to Feb 12 PGS carried out 3D seismic work over the North Eastern areas of our Central blocks. The quality of the data is considered to be excellent, identifying multiple drill able prospects. Total gross mean prospective resources within this survey area (based on 2D seismic CPR from NSAI) stood at 3,972 mmbbl...
The updated CPR and resource report will assess the 3D seismic, this was issued at the time the data room for the block opened in February. Chariot have said they are looking to farm out a portion of its position in exchange for a fully carried well. The plan is to drill a well on this block early 2014, potentially utilising a rig that at this point would be coming off the back of a 4 well drilling programme planned by HRT on its Namibian licences.
Mauritania.
Tullow will start drilling its first prospect that sits directly below our Mauritanian acreage, this is to start May/June this year. So another well we can potentially ride off...
ST, yes Wingat might not be positive but this is only the start of a long drilling campaign in the region. I am confident we will farm out acreage this year, this will provide further cash and NO dilution, with a free well carry. One of our biggest problems was rig availability in the past, is that an issues in the next year or so with all the activity planned in the region?
Sorry I skipped through it a bit but gong out in soon.
Downside risk from here... Low due to all the bad news Chariot have got out of the way and Larry is starting from a clean slate. Share at cash value and no value to assets.
Upside potential reward from here... Lets wait and see, I am confident we will have our day again and that is why I am still here. More money to be made at the bottom than the top!
This is oil exploration in its early days for a company like Chariot, we are a small player in a potentially massive region if one company strikes oil. It's all doom and gloom at the Moment, and yes many posters have their opinion but why such interest in this board and other boards of this is a dead duck? How many waiting on the sidelines for the data to be released from our Southern blocks? How many waiting to see what the directors do after the year end figures are released this week? How many large institutional investors will see the upside from here and buy what shares they can get their hands on? How many waiting to see if Namibia has oil?
These are questions I am waiting for answers, but IF the market likes wha