Chariot Oil & Gas has secured new licences for Blocks 2312 and 2412A (the Central Blocks) and Southern Block 2714A, offshore Namibia.
The company decided to cease the existing licence within the Central Blocks and secure a new licence with no well commitment in the first exploration phase.
Chariot’s subsidiary, Enigma Oil & Gas will operate the blocks with a 65% equity stake in the blocks; AziNam will hold a 20% interest.
The Namibian State Oil Company, NAMCOR, and Ignitus Oil and Gas hold 10% and 5% stakes respectively.
The licence will now enter into the first exploration period, which will last for three years.
A work programme commitment includes the acquisition and processing of about 1,500km² of 3D seismic.
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The agreement covers the same 16,800km² area as the previous licence.
In the south, Enigma will operate Block 2714A with an 85% stake and NAMCOR and Quiver Oil & Gas will hold 10% and 5% interests respectively.
The licence covers the same 5,480km² area with a three-year initial exploration period.
A work programme includes the acquisition, or cost equivalent, of acquiring 2,000 line kilometres of 2D seismic data.
Chariot said in the northern blocks, the results of the recently drilled Welwitschia well are being incorporated with its data to identify remaining prospectivity.
Chariot Oil & Gas CEO Larry Bottomley said: "Namibia continues to be a sizeable part of our portfolio and we see the potential for transformational value within our acreage.
"We would like to thank the Ministry for its continued support in granting these new licences in the Central Blocks and Southern Block 2714A, and look forward to working with our partners in progressing the technical maturity and drilling opportunity in these regions."
Chariot owns licences covering eight blocks in Namibia, one in Mauritania, three in Morocco and four in the Barreirinhas Basin, offshore Brazil.