Chariot Oil to Be ‘Fast Follower’ After Dropping Namibia License

Chariot Oil & Gas Ltd. plans to be a “fast follower” in Namibia, waiting for others to drill before pursuing its own exploration, after the company dropped a license that included a deadline for it to start work.

“What we did is we dropped our license and we had it re-awarded” in central blocks, Chief Executive Officer Larry Bottomley said in an interview in Cape Town yesterday. “What that’s done is it’s essentially reset the clock. It’s removed the well commitment. It also means that we have gone from being a potential player in that block to now being a fast follower.”

A potential partner had used the deadline as leverage in talks, Bottomley said, declining to identify the other party.

Namibia has lured the biggest oil companies, issuing 46 oil and gas exploration licenses, even as at least 14 wells failed to find commercial oil deposits. Guernsey, Channel Islands-based Chariot fell to a record low in London on Oct. 10. It also has stakes in projects in Mauritania, Morocco and Brazil.

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