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Chariot acquires Mauritania offshore block

By BFN News | 09:09 AM | Tuesday 10 April, 2012

Chariot Oil & Gas has entered into a production sharing contract with Mauritania for a 90% interest and operatorship in offshore Block C19, which covers an area of 14,125 sq km. The contract remains subject to routine approval by the state before it becomes effective. The contract - signed by Chariot Oil & Gas Investments (Mauritania) - consists of an initial three-year period, during which Chariot has agreed to reprocess the existing 2D seismic datasets and then to carry out a 1,600 sq km 3D seismic survey. Following the results of this work, Chariot may then elect to move forward into subsequent phases of the contract which would involve the undertaking of exploration drilling activities. Chariot will be partnered with Soci�©t�© Mauritaniennede Hydrocarbures, the national oil company of Mauritania, which will participate with a 10% carried interest. In the event of a commercial discovery, the state will have the option to increase its interest to 15%. At 9:09am: (LON:CHAR) share price was -4.62p at 178.13p Story provided by