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Chariot Oil & Gas Ltd Experience Rise in Mean Prospective Oil Resources

The mean prospective oil resources from the offshore Namibian licences of Chariot Oil & Gas Ltd have risen

The mean prospective oil resources from the offshore Namibian licences of Chariot Oil & Gas Ltd have risen 34.2 percent to 5.24 billion barrels.

The oil and gas explorer said an analysis helped in the identification of 17 new structural leads, some of which have possible direct hydrocarbon indicators.

Chariot, which has interests in Namibia and Peru, said studies have also confirmed the presence of an active petroleum system in the recently drilled Namibe basin, providing further indications of an overcharged oil system in northern blocks 1811A and B.

"The modelling in the southern blocks also showed important hydrocarbon charging and potential oil and gas accumulations in the structural traps mapped," the company added.

At 0717 GMT, shares of the company were down 7.7 percent at 78 pence on the London Stock Exchange.

Author: Jo Amey