Chariot, in conjunction with its partners AziNam (20%), NAMCOR (10%) and Ignitus (5%), completed acquisition of a 3D seismic survey of approximately 2,600 km2 in February 2016 targeting leads identified in the north-western area of the Central Blocks from approximately 1,700 km of 2D seismic data acquired by the partnership in 2015. The 2016 3D survey has been processed in conjunction with 3,500 km2 of legacy 3D seismic with both depth migration and inversion products calibrated using the nearby Wingat-1 and Murombe-1 wells.

Following an extensive evaluation of the combined 6,100 km2 3D seismic dataset, Chariot has identified five new structural prospects. These dip-closed prospects target the same good quality Upper Cretaceous deepwater turbidite reservoirs as penetrated in the Murombe-1 well and are modelled to have received hydrocarbon charge from the proven, excellent quality Aptian marine source rocks identified in both the Wingat-1 and Murombe-1 wells. These five new prospects add to the portfolio of principally stratigraphic prospects and leads described from the legacy 3D seismic data.

These five structural prospects have been independently audited by Netherland Sewell and Associates (“NSAI”) who estimate gross mean prospective resources for each prospect ranging 283 – 459mmbbls. Each of these prospects has 2 or more targets and NSAI report the Probability of Geologic Success as ranging up to 29%. The portfolio of dip closed structural prospects exceeds 1.75Bbbls of gross mean prospective resources.

Central Blocks – Preparation for Drilling

Chariot, on behalf of the Central Blocks partnership, has initiated the process to prepare for drilling by undertaking an EIA over the new prospects identified from the 2016 seismic campaign.

In addition, the Company is undertaking a contract strategy to identify an appropriate drilling unit, longlead items such as wellheads and tubulars, auxiliary services and logistic base for well services, supplies, helicopters and medivac. The initial scope of work will be managed through Chariot’s in-house team supported by Mr. Robert Mwanachilenga, Country Manager and Senior Staff Drilling Engineer, Namibia who was responsible for in-country support for the Tapir South-1 deep water well operated by Chariot in 2012.

The target is to undertake this drilling in H2 2018 and the partnering process continues.

Larry Bottomley, CEO commented: “The focus for Chariot is the delivery of transformational value through the discovery of material hydrocarbon accumulations. The maturation of the portfolio in the Central Blocks in Namibia has uncovered a series of robust, low risk structural traps that are targeting the proven play elements demonstrated in nearby wells. These prospects have the potential for material accumulations and success in one will significantly de-risk the remainder. The Company is pleased to have the support of our partners to progress preparing for a drilling programme on this highly prospective acreage.”