Chariot Oil Rises in London After Namibian Reserves Upgrade

Chariot Oil & Gas Ltd., a U.K. oil explorer focused on Africa, rose in London after increasing its estimate of resources off Namibia.

The shares climbed 4.6 percent to close at 241 pence. They’ve risen almost seven-fold in the past 12 months.

The explorer reported an increase of 700 million barrels of prospective resources in its northern license to 2.63 billion barrels after additional technical studies.

“Chariot’s ongoing interpretation of its extensive proprietary 3D data continues to yield significant results,” Ambrian Partners Ltd. said in a note. “The clear positive impact of this work is the incremental increase of prospective resources that may be present within its offshore license areas.”

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