10th Feb 2010 07:00
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For Immediate Release |
10 February 2010 |
Chariot Oil & Gas Limited
('Chariot' or the 'Company')
Settlement Agreed with HRT
Chariot Oil & Gas Limited (AIM: CHAR), the exploration company focused on Africa, is pleased to announce that Chariot and its wholly owned subsidiary Enigma Oil & Gas Exploration (Pty) Limited ("Enigma") have reached an agreement with High Resolution Technology & Petroleum Ltda ("HRT") (now known as "Integrated Petroleum Expertise Company - Serviços Em Petróleo Ltda"), to settle the dispute surrounding the termination of the service agreement which had been referred to arbitration.
Both parties have agreed that there will be no payment of damages by either side and that each party will pay their own respective costs incurred during the dispute. As part of the agreement, HRT will provide Enigma with the outstanding data and reports which had not previously been provided. This agreement is the full and final settlement of the arbitration proceedings that commenced in August 2009, which have now ceased. The settlement releases the $2.5m provision which Chariot included in its interims as at 31 August 2009.
Paul Welch, CEO commented, "We are very pleased to have come to an agreement with HRT on this matter. Our work programmes across our Namibian blocks continue apace and our focus remains on creating value and driving the business forward."
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Chariot Oil & Gas Limited |
+44 (0)20 7318 0450 |
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Paul Welch, CEO |
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KPMG Corporate Finance (Nominated adviser) |
+44 (0)20 7311 1000 |
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Susan Walker |
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BMO Capital Markets Limited (Joint Broker) |
+44 (0)20 7664 8120 |
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Bill Smith, Adam Janikowski |
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Ambrian Partners Limited (Joint Broker) Richard Swindells
Buchanan Communications |
+44 (0)20 7634 4856
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Ben Willey, Ben Romney, Chris McMahon |
+44 (0)20 7466 5000 |
NOTES TO EDITORS
About Chariot
Chariot Oil & Gas Limited (www.chariotoilandgas.com) is an independent oil and gas exploration group. The Group currently holds licences covering eight blocks in Namibia, all of which are offshore. All of these blocks are currently in the exploration phase.
Shares in Chariot Oil & Gas limited are admitted to trading on the AIM Market of the London Stock Exchange under the symbol 'CHAR'.
Other
KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for investment business activities, is acting for the Company as nominated adviser in relation to the matters set out in this announcement and is not acting for any other person in relation to these matters. KPMG Corporate Finance will not be responsible to anyone other than Company for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement.
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