Chariot Oil & Gas announce change of equity ownership in Licence 20, Block 2714A, offshore Namibia

Friday, March 16, 2012
  • BP has acquired a further 20% equity interest in Block 2714A from Petrobras.

Chariot Oil & Gas Limited (AIM:CHAR), the Africa focused independent oil and gas exploration company, notes that its partners in Southern Block 2714A, Petrobras Oil & Gas B.V. ("Petrobras") and BP Exploration (Namibia) Limited ("BP"), have completed a transaction whereby BP has acquired a further 20% equity interest in Block 2714A from Petrobras.

Accordingly the ownership of Block 2714A now stands at Petrobras (Operator) 30%, BP 45% with Enigma Oil & Gas Exploration (Pty) Ltd. (Chariot's wholly owned subsidiary) remaining at 25%.

This change to the equity ownership does not affect the currentprogramme for Licence 20, which contains the drill ready prospect Nimrod. As announced previously, the partnership plans to drill exploration well Kabeljou-1 on the high impact Nimrod prospect in the second half of 2012.

Paul Welch, CEO of Chariot, commented:

"We are pleased to note BP's increased equity holding inLicence 20 and continue to look forward to the drilling of Kabeljou-1 in the second half of this year."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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