Chariot Oil raises Namibian resources estimate

1st Jul 2011 10:25

Chariot Oil & Gas has identified that its offshore assets in Namibia have a potential 16.1 billion barrels of oil, an increase from its previous estimate by 3.5% or 535 million barrels.The company said an independent competent person's report showed 14.4 billion barrels of gross P50 (proved plus probable) unrisked prospective resource - representing a 50% chance of being produced.Last October, the company estimated its gross P50 unrisked resource volumes at 9 billion barrels, with gross mean unrisked resource volumes of 10.1 billion barrels.Chariot Oil has calculated a total risked net expected monetary value of £11.2bn, equivalent to £7.47 per net risked barrels.Shares of the AIM-listed explorer trundled 0.9% higher to 187.2p in mid-morning trade. AR