Namibia approval boosts Chariot Oil & Gas

28th Jun 2011 11:51

Shares in Chariot Oil & Gas raced higher after it said the Namibian government had given its subsidiary Enigma Oil & Gas formal approval to drill of the southern African country's coast.Part of the drilling will be conducted by the Brazilian oil giant Petrobras through a farm-in agreement."It is an important step for us to move into the next Renewal Phase for these blocks of interest so we can continue with our plans and drill a well in block 2714A in partnership with Petrobras," said chief executive Paul Welch. "We are also encouraged that Petrobras has seen sufficient potential in the block to elect to operate it going forward and also commit to drilling an exploration well."At 12.15pm shares in Chariot were up by 10.7% at 168.25p.---RG