June 6 (UPI) — OPEC member Angola’s southern neighbor, Namibia, could be a focal point with a quarter-million barrels of potential reserves, an Atlantic-focused company said.
Atlantic-focused Chariot Oil & Gas Ltd. had little to show for 2017, but was upbeat about prospects in Brazil, Namibia and Morocco, though the latter has yet to yield success.
In audited final results for the year ended Dec. 31, the company said it was fully funded for fourth quarter drilling at a prospect in Namibia that has 459 million barrels of prospective reserves.
“We believe that we have built a strong platform for long term growth at the same time as offering near term, material value triggers,” Chairman George Canjar said in a statement.
African basins are gaining a reputation as emerging producers. Senegal in particular could hold more than 1.5 billion barrels of oil off its coast. Angola, to Namibia’s north, is a member of the Organization of Petroleum Exporting Countries, producing around 1.5 million barrels per day on average so far in 2018.
After wading into a deepwater oil prospect off the Namibian coast, Canadian-focused Calima Energy said the area was a “high-profile emerging hydrocarbon province.”
With Exxon Mobil and Total already showing an interest in Namibia, Calima said its shareholders now hold a more prestigious position.
Chariot maintains an investment focus on Morocco, with $5.8 million spent on surveys despite a lack of discoveries. The company spent $900 million in Namibia and $600 million on Brazil, where it’s focused on seven separate prospects.
Chariot CEO Larry Bottomley said earlier this week excitement was building around Namibia after securing a drillship for fourth-quarter operations.
“We are continuing to take every advantage of the current historic low cost drilling environment as well as maximizing any further cost synergies by cooperating with other drilling operations in Namibia,” he said in a statement.