1st May 2015 08:37
LONDON (Alliance News) - Chariot Oil & Gas Ltd on Friday said it and its partners on the C-19 licence in Mauritania have secured an extension to the licence agreement, as an independent study verified the prospects at the site.
Chariot and its partners, FTSE 250-listed Cairn Energy PLC and Société Mauritanienne des Hydrocarbures et de Patrimoine Miner, the Mauritanian state oil company, have secured a one-year extension to the licence. Chariot is the operator of the project with a 55% stake, with Cairn holding a 35% stake and SMHPM holding the other 10%.
In addition, an independent audit carried out by Netherland Sewell & Associates validated data collected on the site, confirming four prospects ranging from single target to multi-stacked prospects at the site.
"I would like to thank the Ministry of Mines and Energy for its continuing support and cooperation as we look to progress this licence towards drilling. The evaluation of the prospectivity across this acreage has taken longer than expected, however we are very pleased with the scale of the substantial prospect and lead inventory that has been generated as a result of this work," said Chariot Chief Executive Larry Bottomley.
"Success from drilling any one of these prospects would be transformational for Chariot. Mauritania continues to be a region of focus for giant potential, deep water exploration, with a number of wells due to be drilled by third parties in the coming year. The ongoing studies will further advance our understanding prior to entering the drilling phase," Bottomley added.
Shares in Chariot were up 4.0% to 10.00 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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