Chariot's Mauritanian Farm-out Deal Approved
Offshore West Africa-focused Chariot Oil & Gas reported Monday that a farm-out agreement signed in August between it and Cairn Energy has been approved by the Ministry of Hydrocarbons in Mauritania.
The deal concerns a license that covers the C19 block offshore Mauritania. As part of the farm-out agreement, Cairn has committed to pay approximately $26 million for the cost of the 3D seismic data acquired by Chariot on the block as well as other back costs incurred by the firm.
Cairn now holds a 35-percent interest, while Chariot retains a 55-percent stake and operatorship of the block. The Société Mauritanienne des Hydrocarbures retains 10 percent as a carried interest.
Chariot said a resource update for the block will be published during the first quarter of 2014. Drilling planning and the evaluation of partnering options will begin afterwards.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- India Plans Larger Oil Auctions as Modi Pursues Import Cuts (Sep 14)
- Cairn Energy: SNE-5 Appraisal Well Hits Oil, Gas (Mar 07)
- AkerBP, Cairn Energy Make Jefferies Top Pick List (Jan 09)
Company: Chariot Oil & Gas more info
- Woodside Turns Down Rabat Deep Operatorship (Apr 21)
- Chariot Begins 2D Seismic Program Offshore Namibia (Feb 20)
- Chariot Sees Opportunities due to Oil Price Decline (Feb 12)