Atlantic-focused exploration firm Chariot says it is in talks with a potential partner for its Namibia exploration programme after finding two major prospects off the African country’s coast.
An independent audit of its blogs in the central area, covering 3500 sq km of 3D seismic data, has identified two drilling targets for the company.
The company said its primary drilling target had an unrisked gross mean resource of up to 469million barrels of oil, while a secondary target’s reserves ranged from 213million to 1.48billion barrels.
Success in the first drilling project would offer significant potential for the second prospect, the company said.
Talks are now under-way to farm out a stake in the licences, which Chariot holds 90% of, as it looks to progress the exploration of the finds.
“Although Namibia remains a frontier and high risk province, all the play elements of source, reservoir and seal have now been demonstrated and success in our exploration campaign would deliver transformational growth,” said chief executive Larry Bottomley.
“Importantly, such success would also have a significant impact on the rest of the Upper Cretaceous turbidite clastic reservoirs portfolio within these blocks which offers material upside and follow-up potential in what would then be a de-risked play system.
“We have started the farm-out process to identify potential partners to join us in the exploration of this new and emerging province.”