Namibia: Foreign Firm Fails to Find Offshore Oil
17.10.2018 at 19h21
by APA News
The Atlantic margins focused oil and gas exploration company, Chariot Oil & Gas has announced disappointing results of the well on the Central Blocks licence offshore Namibia. As the operator, Chariot has 65 percent stakes in the Prospect S Well together with Azinam 20 percent, Namibia national company, NAMCOR 10 percent and Ignitus 5 percent.
The company said in a statement seen by APA on Wednesday that the well has been safely drilled to a total measured depth of 4,165m to test the stacked targets in Prospect S.
The well penetrated the anticipated turbidite reservoir sands, in line with the pre-drill prognosis, however the reservoirs were water-bearing, Chariot said.
The data collected will be used to calibrate the existing data sets to understand the implications of the well results on the prospectivity of the surrounding area.
Chariot CEO Larry Bottomley commented that “Whilst very disappointing that we have not established a hydrocarbon accumulation in the prospect, we have learnt valuable information about the reservoir potential of these turbidite systems which form the primary targets across many of the prospects within the Central Blocks portfolio.
“We will further evaluate the extensive data gathered in the well to understand the implications for the Central blocks portfolio.
“Chariot has shown that it is capable of safely and efficiently operating a deepwater well, delivering the operation within a short timeframe to capture the optimum point of the cost cycle”.
He added: “With all license commitments now met across the entire portfolio, the Company is fully-funded to progress our assets in Morocco and Brazil whilst remaining vigilant to other value accretive opportunities.”
The well that was drilled by the Ocean Rig Poseidon drillship will be plugged and abandoned, said the company.
by APA News
The Atlantic margins focused oil and gas exploration company, Chariot Oil & Gas has announced disappointing results of the well on the Central Blocks licence offshore Namibia. As the operator, Chariot has 65 percent stakes in the Prospect S Well together with Azinam 20 percent, Namibia national company, NAMCOR 10 percent and Ignitus 5 percent.
The company said in a statement seen by APA on Wednesday that the well has been safely drilled to a total measured depth of 4,165m to test the stacked targets in Prospect S.
The well penetrated the anticipated turbidite reservoir sands, in line with the pre-drill prognosis, however the reservoirs were water-bearing, Chariot said.
The data collected will be used to calibrate the existing data sets to understand the implications of the well results on the prospectivity of the surrounding area.
Chariot CEO Larry Bottomley commented that “Whilst very disappointing that we have not established a hydrocarbon accumulation in the prospect, we have learnt valuable information about the reservoir potential of these turbidite systems which form the primary targets across many of the prospects within the Central Blocks portfolio.
“We will further evaluate the extensive data gathered in the well to understand the implications for the Central blocks portfolio.
“Chariot has shown that it is capable of safely and efficiently operating a deepwater well, delivering the operation within a short timeframe to capture the optimum point of the cost cycle”.
He added: “With all license commitments now met across the entire portfolio, the Company is fully-funded to progress our assets in Morocco and Brazil whilst remaining vigilant to other value accretive opportunities.”
The well that was drilled by the Ocean Rig Poseidon drillship will be plugged and abandoned, said the company.
No comments:
Post a Comment