Chariot working to raise funds for well offshore Namibia

Oil and gas exploration company Chariot Oil & Gas is working to secure funds to drill a well on its Prospect S offshore Namibia, which will allow the company to participate in two wells during 2018.

As the operator, Chariot has a 65% interest in Block 2312 and Block 2412A located offshore Namibia. Chariot’s partners in the blocks are AziNam (20%), NAMCOR (10%), and a local partner Ignitus Oil & Gas (5%).

Following recent media speculation, Chariot confirmed on Monday it is looking to raise approximately $15 million by way of a conditional placing as well as an additional up to approximately €5 million by way of an open offer. It is expected that the fundraising will take place at 13 pence.

The company said that new equity fundraising will provide funds to allow the group to deliver a second well within the near term comprising the drilling of Prospect S in Namibia, in addition to the carried drilling of the RD-1 well in Morocco by Eni.

As for the Eni-operated RD-1 well in Morocco, it will be drilled using the Saipem 12000 drillship. The rig recently came under spotlight when the Turkish navy had reportedly threatened to use force against the drillship, following the rig’s captain attempt to move the drillship to the Block 3 offshore Cyprus.

Eni CEO Claudio Descalzi said last Thursday that the drillship would move to Morocco in the coming days to drill a well in the Rabat Deep Offshore license in Morocco, starting in March 2018.

Larry Bottomley, CEO of Chariot Oil & Gas, said: “This fundraise will represent another major step forward for Chariot, and one which allows the company to participate in two giant-scale  wells in this calendar year whilst capturing the bottom of the cost cycle for drilling. Success in either well would be transformational, and would also de-risk significant additional portfolio in the relevant license.

“This comes after continued investment throughout the portfolio during the industry downturn which has allowed Chariot to build a drilling and prospect inventory of giant-scale opportunities. We will continue to progress operations in Namibia to drill Prospect S in H2 this year to benefit from synergies with third-party operations, and, in combination with our other partners, we continue to support Eni in their operations on the RD-1 well in Morocco which is scheduled to spud in March 2018.”

Offshore Energy Today Staff

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