Chariot wheels out resource estimate upgrade

6th Sep 2010 08:03

Oil and gas exploration company Chariot has wheeled out an increase to its resource estimate for its Namibian assets.A further 1.5bn barrels of unrisked prospective resources have been identified, meaning the total gross resource volume now stands at more than 10bn barrels. The resource update is based upon the mapping and interpretation of the 3D seismic datasets received at the beginning of July for blocks 1811A&B in the north and blocks 2714A&B in the south and the final interpretation of the 2D seismic in its central blocks offshore Namibia. Chariot added that there is now an increased chance of success across the prospect and lead inventory.Referring to its northern blocks, the company said: "Further geologic studies have increased our confidence in the presence of a rich oil prone Cenomanian to Turonian source rock in 1811A&B which is mature for oil generation present day - this being optimal for preserved hydrocarbon accumulation." The studies also confirm Chariot's assessment of good quality turbidite sandstone reservoirs likely to be present in both Upper Cretaceous and Tertiary levels over its mapped prospective areas.In the south multiple structural closures have been identified, the company added.