Chariot Oil & Gas Starts Seismic Program

Friday, June 12, 2009

Chariot Oil & Gas Ltd  reported that on block 2714A, offshore Namibia, another seismic program has started. Enigma Oil & Gas Exploration (Pty) Limited, the company's wholly owned subsidiary, has agreed to the programme after the farm-out with Petrobras recently. Petrobas will pay 50% of the costs of this survey and will help acquire another 1,500 sq km of 3D seismic on the block. External seismic data will be provided by CGGVeritas, a geophysical services group and the data acquisition will take about three months, thereafter it will be processed and interpreted. The previously acquired 3D seismic is also being processed by CGGVeritas. Chariot appointed Stratageo Solucoes Tecnologicas Ltda, a Brazilian geophysical company, to process the data acquired with the acquisition of the 3,000km of 2D data in the central blocks and the work on that is proceeding on schedule. Chariot's board conducted a detailed review of the external technical advice available to the Group and following discussions, terminated the contract with technical consultants High Resolution Technology & Petroleum Ltda.

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