Chariot Oil & Gas Limited, the AIM listed Africa focused oil and gas exploration company, announces an increase of a further 1.5 billion barrels in its estimate of gross mean unrisked prospective resources from its Southern licence 2714A offshore Namibia. The total gross mean unrisked prospective resource estimate now stands at 15.46 Bbbls (11.2 Bbbls net to Chariot). Further technical work undertaken on the 3D seismic data acquired across this block, in which Chariot has a 50% interest, has identified additional resources within 4 new prospects and has increased the gross mean unrisked prospective resource volume in the Nimrod prospect by a further 833 million barrels, to a total of 4.6 Bbbls. Nimrod will be the first well to be drilled in the Southern licence – anticipated to commence in early 2012. The Tapir North prospect in the Northern licence is still scheduled to be drilled in Q4 of this year.

This latest technical work, which included remapping of the Nimrod prospect using updated seismic attribute analysis, together with mapping of deeper target horizons, has also led to the further development of the prospect inventory – now comprising of 16 prospects and 5 leads across all blocks.

At the Albian target level, new prospects D & L have been mapped. For the deeper horizons, C stratigraphic has been renamed Dora and is now a prospect and Isabel and Mary are additional prospects of Barremian age.

The risking of prospects in the Southern licence area has also been revised based on the updated seismic attribute analysis. The presence of Direct Hydrocarbon Indicators („DHIs?) on Nimrod and other prospects of Albian age has increased the Chance of Success on these prospects. This work has raised the Chance of Success for Nimrod from 20% to 25%. However, in prospects where DHIs are not present the Chance of Success has been reduced. DHIs are not expected to be seen in the deeper targets, hence the more conservative risking of these prospects.

The Company has commissioned a further independent CPR on the new resource estimates which will be conducted by Netherland Sewell & Associates Inc. following their previous verification in October 2010. The results of this will be announced on completion of the report which is anticipated to be in Q3 of 2011.

(Source: OilVoice)