Topic: How To Invest

Dear Pat: I saw a story out about oil and gas off the shore of Namibia. It gave a name, Chariot, but no details. The oil and gas formation is supposed to be same as that off the shore of Brazil on the other side of the Atlantic. What do you think about this? Regards.

Article Excerpt

This story refers to the theory that present-day continents once formed a single land mass, known as the “Pangea”. This super-continent is thought to have broken up into pieces that became today’s existing continents. After the break-up, the pieces moved to their present locations, in a gradual process known as continental drift that began about 250 million years ago. There are billions of barrels of deepwater oil off the coast of Brazil. If this oil was formed prior to the breakup of Pangea, then it’s theoretically possible that oil also exists on the other side of the Atlantic. Namibia, in southern Africa, is on the opposite side of the Atlantic from Brazil. The area off the coast of Namibia is largely unexplored. Petroleo Brasileiro S.A. ADRs, $36.72, symbol PBR on New York (Shares outstanding: 2.5 billion; Market cap: $93.1 billion), commonly known as Petrobras, is currently producing large quantities of oil off the coast of Brazil. Chariot Oil & Gas,…