Wheels come off as Chariot fails to secure drill rig

Chariot Oil and Gas, has failed to secure a drilling rig for its exploratory campaign off the shore of Namibia.

In an announcement issued today the firm says: "the market for deepwater rigs has tightened markedly, making it more challenging to secure an appropriate rig to carry out a one-well programme in Namibia without paying a significant premium."

Chariot had pencilled in drilling in the final quarter of this year, unfortunately it lost out to another operator who could offer the rig company a longer (and therefore more remunerative) programme.

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Chariot's chief executive, Paul Welch, says the firm still expects to have completed a well by the middle of next year: "Whilst it is disappointing not to have secured a rig to drill Tapir South this year, we continue to negotiate other options at commercially attractive rates. The rig market is tight but also very dynamic and whilst we are looking to drill as soon as possible next year, we need to manage this to optimise our drilling programme going forward."

Shares in chariot had fallen 15% by 10:12. Over the last six months, the stock has fallen 53%

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