Chariot Ltd. (OIGLF)

[DrillaHill]

BW Offshore: Farm-in to Kudu field in Namibia



Kudu field lies next to Chariot's Blocks in Orange Basin Namibia where we are currently trying to find a Partner to Drill our Giant Gas Prospect AO1 wit 8.1 Tcf pmean prospective resources. BWO's farm-in to Kudu could help us accelerate our farmout process - so good news imo

www.bwoffshore.com/ir/corporate-news/imported-press-releases1/2017/bw-offshore-farm-in-to-kudu-field-in-namibia/

"BW Kudu Limited (a wholly owned subsidiary of BW Offshore) has entered into a Farm-Out Agreement for a 56% stake of the Kudu license offshore Namibia. National Petroleum Corporation of Namibia (NAMCOR), the Namibian state-owned oil company, will hold the remaining 44% of the license. BW Kudu will become operator of the Kudu license.

BW Kudu will pay for past costs upon transfer of the field interest to the company. The final investment decision is planned for Q4 2017.

BW Offshore will now start the work with the Namibian government, NAMCOR, NamPower (the Namibian power utility), large infrastructure investors and other stakeholders to get this very exciting project to FID" said Carl K. Arnet, CEO of BW Offshore.

Kudu represents another opportunity for BW Offshore to take a proactive development role in a project that will produce for 15-25 years. Falling development costs after the 2014 drop in oil prices has helped in making the project economically feasible. The electricity generated by the power station will reshape electricity supply in south-western Africa, providing a secure long-term supply to support the development of Namibia and potentially neighboring countries", added Carl K. Arnet.