Chariot Oil & Gas Limited announces that the Company has, subject to final contract, been successful in its bids for a 100% interest and operatorship in four shallow-water exploration licences, BAR-M292, BAR-M-293, BAR-M-313 and BAR-M-314, in the Barreirinhas basin, offshore Brazil.
The acreage position of the combined licences totals 768km2 and the blocks are located 70km offshore in water depths ranging from 25m to 1,700m.
The award of these licences is subject to the signature of a concession agreement (the “Agreement”) between Chariot and the Brazilian National Agency of Petroleum, Natural Gas and Biofuel (ANP). Under the terms of the Agreement, the Company will satisfy its work commitments through the acquisition and processing of 3D seismic covering the entirety of each block during an initial exploration period of five years.
The Barreirinhas basin lies on the north eastern coast of Brazil, along the transform margin that is conjugate to the Atlantic offshore basins in Cote d’Ivoire and Ghana which have seen recent significant oil and gas discoveries.
This acreage is an addition to Chariot’s increasingly diverse portfolio within the Atlantic margins. As part of its new venture strategy, the Company seeks out giant potential early entry acreage in areas in which the team has previous experience and expertise.
Larry Bottomley, CEO commented:
“In acquiring these licences, Chariot demonstrates its commitment to its strategy and long term goal. The Company has acquired an additional large equity position in a new and emerging hydrocarbon province. Award of these licences will broaden our footprint onto both Atlantic margins and provide further opportunity for levered partnering and funding to explore for material accumulations of hydrocarbons.”
Press Release, May 15, 2013