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Chariot Oil and Gas plc

Drilling set to begin shortly at Chariot Oil & Gas’ Prospect S well offshore Namibia

The Ocean Rig Poseidon is due to arrive at the location in the next 24 hours, with spudding of the well expected shortly after

ocean rig poseidon drillship
Operations will last for 40 days

Drilling is set to get underway shortly at Chariot Oil & Gas PLC’s (LON:CHAR) Prospect S well offshore Namibia.

A deep-water drillship is due to arrive at the location within the next 24 hours, with spudding of the well expected shortly afterwards. Operations are due to last 40 days.

READ: Chariot looks ahead to Namibia

Chariot holds a 65% interest in the well, which is estimated to be host to up to 459mln barrels of oil with a probability of geological success of 29%.

Chariot shares edged 0.2% higher to 8p on Friday morning.

Quick facts: Chariot Oil and Gas plc

Price: 4.25 GBX

Market: AIM
Market Cap: £15.62 m
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