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
 -  Circle Oil Agrees Repayment Extension (Jun 24)
 -  MOL Group Makes Pakistan Gas Discovery (Jun 24)
 -  Statoil to Launch Training Tool for 50... (Jun 24)
 -  Atkins Wins Engineering Support Servic... (Jun 23)
 -  NZEC Plans to Boost Exploration, Appra... (Jun 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
District Representative III
Expertise: Business Development|Sales
Location: Houston, TX
 
District Representative III - UCR
Expertise: Business Development|Sales
Location: San Antonio, TX
 
Land Administration Technician I
Expertise: Contracts Administration|Landman|Secretarial or Administrative
Location: Houston, TX
 
search for more jobs

Light Crude Oil : $50.11/BBL 1.99%
Natural Gas : $2.69/MMBtu 0.74%
Brent Crude Oil : $50.91/BBL 2.06%
Updated in last 24 hours