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Chariot – Update – Nimrod defies the drill bit

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Chariot has announced that its southern block Kabeljou well was a duster. On the back of this the stock has fallen 60% plus reliving its Tapir failure of May this year. Although this is the second of a 4-5 well drilling program in their three Namibian blocks, the score now stands Africa 2 – Chariot 0 (perhaps the next well will be called third time lucky?).

The Company has said source rock was discovered although the reservoir was less developed than expected, and that they will be “discussing these findings and the next steps with our partners Petrobras and BP and will update the market with plans in due course”.

No doubt Chariot will be better informed with its new logging data, but as Wildcat drilling is a binary game of success or failure – better to keep this stock in the risky part of your portfolio if you decide to jump in now. Also, its important to note that this is the second time that results were issued 60% into the expected time period, and that significant drops in the SP preempted the news last week.

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