Bloomberg News

Chariot Oil Notes Biggest Drop in Share Price Since May

September 04, 2012

Chariot Oil & Gas Ltd. (CHAR), the U.K. explorer focused on Namibia, noted the biggest slump in its share price since May.

Chariot said the results of the Kabeljou well in the Nimrod prospect, which started drilling on July 27 and is scheduled to take 60 days to compete, aren’t yet known, according to a statement today.

The stock plunged 21 pence to 100.25 pence at the 4:30 p.m. close of trading. More than 20 million shares traded, the most since May and more than eight times the daily average of the past three months.

The company, whose partners in Nimrod include BP Plc (BP/) and Petroleo Brasileiro SA (PETR4), is targeting 5 billion barrels of crude at Nimrod. Chariot fell the most on record in May after saying that no commercial hydrocarbons were found at the Tapir South prospect.

“There is no news, and Chariot, and Petrobras, and BP are keeping a very tight ship on any news coming off the rig,” Emily Ashford, a London-based analyst at Finncap Ltd., said by phone. It can “be possible market jitters.”

Namibia’s coastal shelf may mirror that of Brazil across the Atlantic Ocean, where the Tupi field discovery in 2007 was the biggest offshore find in the Americas in three decades.

Namibia has attracted attention from the world’s biggest oil companies, with BP and Repsol SA (REP) buying stakes in the past year. Petrobras is the operator of the Kabeljou well.

To contact the reporters on this story: Brian Swint in London at bswint@bloomberg.net; Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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