Atlantic-focused explorer Chariot Oil will not extend its current exploration licence in the Northern Blocks of offshore Namibia.
The company said they will not apply for further use of blocks 1811A&B when the license ends on October 26.
Seismic and well data was analysed to study the possibility for long range hydrocarbon migration to the Zamba prospect.
But Chariot said the work would have involved further cost and time and additional investment which was too “high risk”.
Chief executive officer, Larry Bottomley, said: “The goal of the cdompany is to deliver transformational growth through the discovery of material accumulations of hydrocarbons.
“Exploration is a risk business, and managing this risk will be key to our success.
“It is for this reason that Chariot views its fast follower positioning as crucial to its strategy, as this allows the company to make informed decisions from an optimised knowledge base.
“Furthermore, with the diversity we now have in our portfolio, Chariot can manage its assets in terms of risk and their associated fit within the aspiration of zero cost exploration.
“The company will continue with this strict capital discipline and build on its asset base in order to maintain this optionality and generate opportunities for a sustainable drilling campaign.”
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