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.

 



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

WHAT DO YOU THINK?

Click on the button below to add a comment.
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
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Hurricane Spuds North Sea Halifax Well... (Jan 16)
 -  Inpex, ADNOC Agree to Extend Offshore ... (Jan 16)
 -  Jesse Norman to Take on Full Energy Br... (Jan 13)
 -  CNOOC Starts Penglai 19-9 Output (Jan 13)
 -  Report: CHC to Shut Down Bergen Base, ... (Jan 13)


Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Director - Midstream Services
Expertise: Business Development|Operations Management
Location: Houston, TX
 
Project Manager, Oil and Gas
Expertise: Budget / Cost Control|Planner / Scheduler|Project Management
Location: Harvey, LA
 
Case Specialist II Job
Expertise: Business Analyst|Legal|Regulatory Compliance
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $55.86/BBL 0.73%
Light Crude Oil : $52.64/BBL 0.51%
Natural Gas : $3.42/MMBtu 0.00%
Updated in last 24 hours