LONDON – Chariot Oil & Gas Limited (AIM: CHAR) has been awarded 100% interests in four exploration licenses offshore Brazil.
BAR-M292, BAR-M-293, BAR-M-313, and BAR-M-314 are in the Barreirinhas basin, 70 km (43 mi) offshore the northeast coast in water depths from 85-1,700 m (279-5,577 ft). They cover a total of 768 sq km (297 sq mi).
Chariot’s work commitments include acquisition and processing of 3D seismic over each block during the initial five-year term.
The Barreirinhas basin is along the transform margin which is conjugate to the Atlantic offshore basins that have brought discoveries offshore Cote d’Ivoire and Ghana.
The award of the licenses remains subject to the signature of a concession agreement with the Brazilian National Agency of Petroleum, Natural Gas and Biofuel (ANP).