Oil In Namibia!

[Michael Alexander]

The southern African country of Namibia too is also set to be an oil producing nation as an estimated 11 billion barrels of oil reserves has been found around its coast by yet another independent company, the London-based Chariot oil and Gas, which identified 11 prospects along the country's southern coast. The current estimates may put Namibia on the world map as one of Africa's oil rich countries and first production of oil is may begin as early as 2015.

Link: http://www.africatoday.com/cgi-bin/public.cgi?sub=news&action=one&cat=177&id=2256

[Michael Alexander]

Something I have been watching for a while now.... but the 2nd drill has just come up with nothing...

"Chariot Oil & Gas (CHAR LN, 32.5p, ▼ 66.9%) - Disappointing wells result: Kabeljou exploration well (25% WI) in Southern Block 2714A, offshore Namibia, which was targeting the Nimrod prospect has failed to encounter commercial hydrocarbons and thus will be plugged and abandoned. Definitely a setback, but the Company remains committed to carry on its planned 4 - 5 exploration well programme in offshore Namibia and will move forward with the work in the Central and Northern blocks"

The company share price just dropped by 64%....

[Michael Alexander]

Saw this posted today on an oil site I visit on a regular basis....

"Well there's crude oil in the soil......

Independent Lab Confirms Crude Oil in Namibian Soil Sample

Results from Hydrocarb Energy Corporation's recent geologic field survey in the Owambo Basin confirm the presence of crude oil from a probable carbonate source according to a study performed by Weatherford Laboratories of Houston, TX.

The independent analysis was performed on a soil sample from the vicinity of the Etosha Petroleum 5-1A well bore, the only well in the entire Owambo Basin to penetrate the top of the prospective carbonate section. "

[Skinny]

Saw on the news that tallow have been kicked out of Nigeria along with Shell. Wonder if they will now come back to Namibia to see and sample again. hmmmmmm