TIDMCHAR
RNS Number : 3839Z
Chariot Oil & Gas Ld
12 January 2011
Immediate Release 13 January 2011
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Resource Update
Increase of 3.1 billion barrels to a new total of 13.2 billion
barrels of Gross Unrisked Mean Prospective Resources
Mega Structure Identified
Chariot Oil & Gas Limited (AIM: CHAR), the Africa focused
oil and gas exploration company, is pleased to announce an increase
of a further 3.1 billion barrels in its estimate of gross unrisked
mean prospective resources in its Southern licence 2714A offshore
Namibia. Further technical work undertaken on the 3D seismic data
acquired across this block, in which Chariot has a 50% interest,
has identified additional resources within a single
'mega-structure' and significantly increased the estimated chance
of success on this primary prospect to from 16% to 20%. Chariot's
gross mean unrisked prospective resource volume now totals 13.2
billion bbls (9.7 billion bbls net to Chariot).
This technical work, which included remapping and seismic
attribute analysis, was undertaken subsequent to the updated
resource statement released on the 6 September 2010 which announced
an increase in gross mean unrisked prospective resources to 10.1
billion barrels and a prospect and lead inventory of 11 prospects
and 6 leads. These figures were verified by the independent
assessment of Netherland Sewell & Associates Inc. in its
Competent Persons Report, announced on 28 October 2010.
The further increase in prospective resource volume has been
identified in a single very large structural prospectin the
Southern acreage. This 'mega-structure', some 500 km2 in area, lies
wholly within the 3D seismic area and displays seismic attributes,
including Amplitude Versus Offset ("AVO") anomalies, that are
indicative of a hydrocarbon charge in what is believed to be a
Lower Cretaceous deltaic sandstone reservoir. The robust geological
interpretation (sealed reservoir within a large structural closure
surrounded by a mapped potential charge kitchen) suggests the AVO
anomaly is valid and has justified an increase in the estimated
chance of success to 20% for this 'mega-structure'. Chariot
continues to evaluate other plays in the block, particularly deeper
Barremian targets, equivalent to the reservoir level of the Kudu
field, where additional AVO anomalies are indicated. Additionally,
further evaluation is ongoing in Chariot's Northern acreage with a
technical update on these areas to be included in future
announcements.
Paul Welch, CEO of Chariot commented, "Our portfolio continues
to develop in an extremely positive way, with our technical work
providing further insight and understanding of the prospectivity of
our licence areas. We are very pleased with this further increase
in resource volumes, the identification of a mega structure and the
resultant de-risking. These findings continue to underscore the
world-class potential we believe is held within our licence
areas."
Gross attributable Net attributable
to Licence in MMboe to Group MMboe
========= ========== =============== ---------------------------------------- --------------------------------------- ---------- --------- ---------
Probabilistic
Volume Method Low Best High Low Best High Working
========= ========== =============== ========= ========= ========= ======= ========= ========= ========= ====== ========== ========= =========
(Monte Carlo
Region Status Simulation) Estimate Estimate Estimate Estimate Estimate Estimate Risk Interest Operator
========= ========== =============== ========= ========= ========= ======= ========= ========= ========= ====== ========== ========= =========
Factor***
P90 P50 P10 Mean P90 P50 P10 Mean (%) (%)
========= ========== =============== ========= ========= ========= ======= ========= ========= ========= ====== ---------- --------- ---------
North Prospect Tapir N 166 278 451 294 166 278 451 294 14% 100% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
North Prospect Tapir 89 139 211 146 89 139 211 146 14% 100% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
North Prospect Tapir S 122 190 277 196 122 190 277 196 14% 100% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
North Lead Tapir NE 180 296 449 306 180 296 449 306 12% 100% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
North Prospect Tapir S Fan 83 175 319 190 83 175 319 190 12% 100% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
North Prospect Zamba N 53 91 141 95 53 91 141 95 12% 100% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
North Lead Zamba 350 667 1,145 713 350 667 1,145 713 15% 100% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
Total Northern
Block Oil* 1,043 1,836 2,993 1,940 1,043 1,836 2,993 1,940 100% Enigma
------------------------------------ --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
South Prospect A Structural 126 215 339 225 63 108 170 113 16% 50% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
South Prospect B Structural 197 301 448 313 99 151 224 157 16% 50% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
South Prospect C Structural 149 326 620 361 75 163 310 181 16% 50% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
C
South Lead Stratigraphic 321 942 2,153 1,118 161 471 1,077 559 12% 50% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
Nimrod Albian
Structural
South Prospect Oil 2,299 3,629 5,321 3,736 1,150 1,815 2,661 1,868 20% 50% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
G Barremian
South Prospect Structural 95 172 289 184 48 86 144 92 16% 50% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
H Barremian
South Prospect Structural 273 450 714 475 137 225 357 238 16% 50% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
South Prospect K Structural 248 518 979 571 124 259 490 286 16% 50% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
Total Southern
Block Oil* 3,708 6,553 10,863 6,983 1,854 3,277 5,431 3,491 50% Enigma
------------------------------------ --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
Central Lead Klipspringer 587 1,772 3,916 2,055 587 1,772 3,916 2,055 7% 100% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
Central Lead Hartebeest 502 1,489 3,287 1,720 502 1,489 3,287 1,720 7% 100% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
Central Lead Oryx 157 467 1,025 543 157 467 1,025 543 6% 100% Enigma
--------- ---------- --------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
Total Central
Block Oil* 1,246 3,728 8,228 4,318 1,246 3,728 8,228 4,318 100% Enigma
------------------------------------ --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
Total
Northern,
Central and
Namibia Southern** 5,997 12,117 22,084 13,241 4,143 8,841 16,652 9,749 Enigma
--------------------- -------------- --------- --------- --------- ------- --------- --------- --------- ------ ---------- --------- ---------
This table of unrisked prospective resources is as determined by
Netherland,
Sewell & Associates, Inc. dated 28 October 2010 together with updated
volumes and risk factors for the Nimrod Albian Structural prospect
based on DHIs as determined by Chariot. The G and H Barremian prospects
which underly the Albian Nimrod prospect are unchanged (NSAI figures).
* Total resource numbers are arithmetically summed in accordance with
SPE 2007 PRMS guidelines; therefore, these totals do not include the
portfolio effect that might result from statistical aggregation.
** Many of the prospects and leads in the Northern and Southern blocks
have multiple horizons with independent chances of success. The stated
risk factors; however, are consistent with the given volumes.
QUALIFIED PERSON
Martin Richards, Chariot's Chief Reservoir Engineer, is the qualified
person for the purpose of this release. Martin has worked in the oil
and gas industry for over 30 years and has an in-depth experience
of all aspects of subsurface management, reservoir engineering and
petroleum economics. He has an MA in Physics from Oxford University,
an MSc in Geophysics and Planetary Physics from Newcastle University
and an MEng in Petroleum Engineering from Heriot-Watt University.
He has read and approved the technical disclosures in this announcement.
For further information please contact:
Chariot Oil & Gas Limited +44 (0)20 7318 0450
Paul Welch, CEO
Ambrian Partners Limited
(Joint Broker and NOMAD)
Richard Swindells +44 (0)20 7634 4856
RBC Capital Markets
(Joint Broker) Josh
Critchley, Martin Eales +44 (0)20 7653 4000
Buchanan Communications
Bobby Morse, Ben Romney,
Chris McMahon +44 (0)20 7466 5000
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 (Pty) Limited, all of which are offshore. All of
these blocks are currently in the exploration phase.
Shares in Chariot Oil & Gas limited are admitted to trading
on the AIM Market of the London Stock Exchange under the symbol
'CHAR'.
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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