Chariot's Namibia Well Is Dry

UK independent Chariot Oil & Gas's eagerly anticipated well offshore Namibia was dry.

The company said October 11 that its Prospect S deepwater well, which was drilled by the Ocean Rig Poseidon drillship to a total depth of 4,165 meters, did not encounter any hydrocarbons. It will conduct further analysis to understand the implications of the well results on the prospectivity of the surrounding area.

The well was drilled on the Central Blocks licence offshore Namibia, which Chariot operates with a 65% interest; partners are UK-based Azinam 20%, Namibian state Namcor 10%, and local Namibian firm Ignitus Oil & Gas 5%.

It was the second recent high-impact well offshore Namibia, following Tullow Oil's Cormorant well last month, and both turned out dry. Both were understood to be targeting oil, although gas has been found in the area, notably the 1974-discovered, but as yet undeveloped, Kudu field. Another UK firm Eco Atlantic aims to drill a well offshore Namibia in 3Q2019 or 1Q2020.

Chariot CEO Larry Bottomley said the Prospect S well was drilled efficiently within a short timeframe to capture the optimum point of the cost cycle, but admitted the result was "disappointing."