23rd Jul 2018 15:12
LONDON (Alliance News) - Chariot Oil & Gas Ltd said Monday,through its subsidiary, it has been awarded the option to back-in for between 10% and 20% stake in the C-19 block in Mauritania.
The block has been awarded to Shell Exploration & Production Mauritania BV, part of the Shell Group of Cos.
Shell offered Chariot the possibility to acquire a stake of between 10% and 20% in the project, which the company said it is currently considering.
"The focus for Chariot is the delivery of transformational value through the discovery of material hydrocarbon accumulations," said Chief Executive Larry Bottomley. "Chariot considers the C-19 block has the potential to deliver material hydrocarbon accumulations."
"The focus of our evaluation of the option will be on value, portfolio balance, risk management and capital discipline," added Bottomley.
Chariot shares were trading marginally down at 8.21 pence each.
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