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Epic & Msn data
Epic CHAR
Time: 16:35:12
Mid Price: 82.50
Change Today: 2.50 Ascending
Change % Today: 3.12 Ascending
Fifty Two Week High: 81.00
Fifty Two Week Low: 15.75
Market Capital: 116.47
Period & price data
Period Price
Now: 82.50
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: AIM
Sector: Energy
Epic: CHAR
News: Latest news
Web Site: Chariot Oil and Gas
Other Articles: 01-12-200928-09-200919-05-2009

Crude Oil

Chariot Oil and Gas

Chariot Oil and Gas Limited (AIM: CHAR) is an independent oil and gas exploration company with interests in Namibia. Enigma Oil and Gas Exploration (Pty) Limited is a wholly owned subsidiary of Chariot and is the operator of the licence areas.

Chariot has highly prospective licences in Namibia – strategically positioned within the South Atlantic Margins (counterpart margin to that of Brazil where major discoveries have been announced). All of these blocks are in the exploration phase and seismic programmes have been completed across all of Chariot’s eight offshore blocks. Chariot received early stage third party endorsement of Namibia's prospectivity and potential following a farm-out to Petrobras in May 2009.

Tuesday, May 19, 2009

Chariot Oil & Gas lifted by Petrobras farm-out deal offshore Namibia

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Shares in Chariot Oil & Gas Ltd (AIM: CHAR) were lifted this morning by news that its unit Enigma Oil & Gas Exploration (Pty) Ltd has signed a farm-out agreement with Petrobras Oil and Gas BV, a wholly-owned subsidiary of Petroleo Brasileiro SA, in respect of a 50 percent interest in one of Chariot's exploration blocks, 2714A, offshore southern Namibia.

The stock was trading up nearly 25 percent higher in midmorning deals.

Chariot will receive US$16.04 million in cash from Petrobras for the 50 percent interest in the block, it said in a statement.

In the event of a commercial discovery, Chariot will receive production bonus equal to 4.75 percent after royalties of Petrobras' share of production up to either 2 million barrels of oil equivalent or a value of US$118 million, whichever occurs first.

Petrobras has also agreed to, and will pay its 50 percent share of, a further 1,500 square kilometres of 3D seismic acquisition that is expected to be undertaken on block 2714A later this year.

Block 2714A is one of Chariot's eight exploration blocks located offshore Namibia and covers an area of 5,481km² in the southern Orange basin.

Chariot has recently undertaken a 3D seismic programme, acquiring 1,500km² across block 714A and the neighbouring block 2714B. Reprocessing and interpretation of this data is underway.

Enigma will remain as operator of the block until the end of the initial exploration period with Petrobras having the option of becoming the operator thereafter.

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