Chariot Oil & Gas Limited confirms that the Tapir South (1811/5-1) exploration well in Northern Block 1811A in the Namibe basin offshore Namibia has reached a total depth of 4,879 metres TVDss. The well was drilled by the Mærsk Deliverer semi-submersible drillship in 2,134 metres of water and operated by Chariot's wholly owned Namibian subsidiary, Enigma Oil & Gas (Pty) Limited.

Preliminary logging results indicate that, although excellent reservoirs were penetrated, no commercial hydrocarbons were found and the well will be plugged and abandoned. The well encountered 173 metres of net reservoir sand of Cretaceous age, including two zones in excess of 30 metres with average porosities of 24% and evidence of good permeabilities. Carbonate intervals were also penetrated with porosities up to 18% over a net interval of 28 metres; these results exceeded our pre-drill estimates. Detailed analyses will be conducted on the data collected during the drilling of Tapir South. This information will be used to calibrate the existing data set and a resource update of the remaining prospectivity in the block will be provided once this evaluation has been completed.

Tags: Chariot Oil & Gas Limited