Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Chariot's Mauritanian Farm-out Deal Approved

change text size

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.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment 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.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Ophir Energy Expands Offshore Gabon Fo... (Oct 24)
 -  Impact Scores a New License off West A... (Oct 24)
 -  Chariot Opts Not to Pursue License for... (Oct 23)
 -  Shell Hits Gas in Pre-Salt Reservoir O... (Oct 22)
 -  BP Awards FEED Contracts for Tangguh E... (Oct 22)
Most Popular Articles
From the Career Center
Jobs that may interest you
Development Geophysicist
Expertise: Geophysicist
Location: Rio de Janeiro
 
Development Geologist
Expertise: Geologist
Location: Rio de Janeiro
 
Sr. Development Geologist
Expertise: Geologist
Location: Billings, MT
 
search for more jobs