Shares in Chariot Oil & Gas rose on Monday after it secured a drilling ship to spud its Kabeljou well on the Nimrod prospect offshore Namibia.
The firm said that it had reached an agreement with Ocean Rig UDW to use its Ocean Rig Poseidon ship to drill at the site.
The Poseidon, which is currently on a long-term contract with the operator, should arrive on location in July and drilling operations would commence shortly afterwards, Chariot said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The Kabeljou well is expected to take approximately two months to drill and will be the second site to be drilled in Chariot's exploration well programme offshore Namibia.
The drilling location is 77km offshore Namibia in 360 metres of water with an estimated total drilling depth of 3,100 metres.
"Nimrod is one of the biggest prospects due to be drilled worldwide this year and we look forward to being able to update the market with further news on this hugely significant well in due course," said Chief Executive Paul Welch.
The firms shares rose almost 7% on the announcement.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
