Chariot Oil & Gas Gets 1 Year Extension for Block 2714A, Namibia

LONDON--Chariot Oil & Gas Ltd. (CHAR.LN), an Atlantic Margins-focused oil company, Friday said that the Namibian Ministry of Mines and Energy, has approved a one year extension to the First Renewal Period for Block 2714A.

MAIN FACTS:

-The bock is held in partnership with Petrobras Oil & Gas B.V.(30%) (Operator), BP PLC (BP.LN) (45%) and Chariot's wholly owned subsidiary Enigma Oil and Gas (PTY) Ltd. (25%).

-The extension period will start on Aug. 31.

-The extension of this First Renewal Phase will allow the partnership to complete its analysis of the drilling results of the Kabeljou-1 exploration well in order to progress the description of the rest of the prospectivity in the license, allowing the partnership to take an informed decision on its forward plan for the block and its commitments for the next phase of development.

-The extension will also enable Chariot to evaluate and incorporate results from a third party well that is anticipated to take place in close proximity in the third quarter of 2013.

-Shares closed Thursday at 19.0 pence.

-Write to Iain Packham at [e-mail]

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