Offshore Namibia's First Drill – Oil Not Found

All Africa
Monday, May 21, 2012

First well of Chariot's 4 or 5 offshore well drill programme, Tapir South, off the coast of Namibia found no commercial hydrocarbons

The share price of African focused oil and gas exploration company, Chariot this week took a major tumble after the explorer announced that it had found no oil off the Namibian coast, according to an All Africa news report.

Chariot's share price fell on Monday to a yearly low of 75 pounds upon confirmation that no commercial hydrocarbons were found in the Tapir South exploration well in Northern Block 1811A and the well will be plugged and abandoned.

The first well of Chariot's four to five well drill programme, Tapir South was rated as having a 25% chance of success and was targeting resource potential of some 604 million barrels of oil. But after reaching a total depth of 4 879 meters, the well was found to contain no commercial hydrocarbons despite the penetration of reservoirs that Chariot described as "excellent".

Although disappointed, Chariot CEO Paul Welch said that analyses of the results from the Tapir well will provide invaluable information on its exploration activities going forward.

He said:"Whilst the results of the Tapir South well are disappointing, this is the first well of a longer term drilling campaign within a frontier region and only the second well ever to have been drilled in the Namibe basin. Our understanding of this basin is rapidly improving and we expect this well to provide more information on the character and maturity of the potential source rocks when we carry out detailed analyses on the recovered samples."

"These analyses will provide invaluable information for improving the assessment of source risk on other prospects in close proximity whilst also furthering our knowledge of the region."

 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

CWind Joins National Workboat Association

Citing crew transfer services as an integral part of its offering, offshore wind industry service provider CWind announced it is now a member of the National Workboat Association (NWA) of the U.

BG Group Starts up Sixth FPSO in the Santos Basin

BG Group announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the

BG Awards Fugro MBES, Seabed Coring Contract

Fugro has been awarded a contract by BG International Limited Sucursal Honduras to conduct an integrated multibeam echosounder (MBES) survey and seabed coring campaign

Energy

CWind Joins National Workboat Association

Citing crew transfer services as an integral part of its offering, offshore wind industry service provider CWind announced it is now a member of the National Workboat Association (NWA) of the U.

First Vessel of New Rescue Class Launched

Global shipping and energy services firm, Craig Group, has launched its first F-Class vessel, the Grampian Fortress. The IMT 958 multi-role emergency response and

BG Group Starts up Sixth FPSO in the Santos Basin

BG Group announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the

 
 
Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2884 sec (3 req/sec)