Chariot Ltd. (OIGLF)

[DrillaHill]

Rig Day Rates for Mid to Deepwater Drillships are much lower compared to Ultradeepwater.

Current Average Drillship Day Rates:
www.infield.com/rigs/report-rig-day-rates

Midwater (<1,216m) US$229,000
Deepwater (>1,216m) US$303,700
Ultradeepwater (>2,128m) US$538,000

Kosmos‘ recent Discovery In Mauritania was drilled in 2,700m water depth
using the Atwood Achiever Ultradeepwater Drillship with Day Rates of ~ US$660,000.
www.atwd.com/wp-content/uploads/2013/11/Atwood-Fleet-Status-May-1-20142.pdf

Water depths within Chariot’s license in Mauritania range from 5m to 2,100m,
www.chariotoilandgas.com/index.php/operations/mauritania/licence-overview/

so a Mid to Deepwater Drillship should do the Job for less than half as much US$. Attractive conditions for potential partners to farm in to Chariot’s Mauritanian license, which is Drillready with 4 Priority Prospects totalling gross mean prospective resources of 1.8 Billion boe.