courtesy NASA

U.K.-based Chariot Oil & Gas could not stop its share price falling nearly seven percent on Friday despite a promising report that lifted its reserves estimate offshore Namibia by 34 percent to 5.24 billion barrels of oil.

The extra 1.3 B bbls locked in offshore licenses was deduced from a “2D” survey shot by HRT Petroleum Ltda. Two northern blocks in the license showed up 389 MM bbls while two southern blocks were estimated at 264 MM bbls.

The company said 17 structural leads, the key to prospecting, were uncovered by “fine geoscience work” that included much reprocessing of the 2D data. The leads lead to an expanded “3D” survey programm over 1,500 square kilometres in the northern blocks in October.

“Concurrent to this, a 3,000 sq. km 3D programme will be acquired in the southern blocks serving to further define these new leads,” a statement said.

Tags: Chariot Oil & Gas Limited