Chariot Leads Declines on HRT’s Dry Namibian Well: London Mover

Chariot Oil & Gas Ltd. (CHAR), a U.K. energy company in Namibia, led declines among explorers in the African country after a competitor’s well failed to find crude.

Chariot fell as much as 14 percent to 16.5 pence in London trading, the lowest intraday price since September 2009. Serica Energy Plc (SQZ), also operating in Namibia, dropped 5.4 percent. Tower Resources Plc (TRP) retreated 7.7 percent.

The Murombe-1 well, drilled by Brazil’s HRT Participacoes em Petroleo SA (HRTP3), will be abandoned after proving dry, partner Galp Energia SGPS SA said yesterday in a statement. It’s a further setback for explorers off Namibia, where 18 wells in past decades have failed to find commercial deposits of crude.

Chariot traded at 17.25 pence as of 11:06 a.m. London time. Galp rose 1.7 percent to 11.975 euros in Lisbon. HRT hadn’t yet traded today in Brazil.

Namibia has attracted attention from the world’s biggest oil companies, with BP Plc (BP/) and Repsol SA (REP) snapping up assets on a bet that its coastal shelf may mirror that of Brazil across the Atlantic Ocean, where the Lula discovery in 2007 was the Americas’ biggest offshore find in three decades.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.