Chariot Oil & Gas Explores Mauritania
 | |
| Type | Limited company |
|---|---|
| Industry | Oil and Gas Producers |
| Trades as | LSE:CHAR |
| Founded | 2007 [1] |
| Website | www.chariotoilandgas.com |
ADVFN News – Kenneth G. Mondero
Independent oil and gas explorer Chariot Oil & Gas announced Tuesday, 10th April, it has signed a deal to explore more than 14,000 km2 area off of the coast of Mauritania, the company’s second offshore undertaking in West Africa. [2]
Through its wholly-owned subsidiary, Chariot Oil & Gas Investments Mauritania Ltd., the company secured 90% interest in a Production Sharing Contract (PSC) with the Government of the Islamic Republic of Mauritania. [2]
"We are very pleased to announce the expansion of our portfolio into offshore Mauritania and entrance into an already oil producing province,” said Paul Welch, Chief Executive of Chariot Oil & Gas. [2]
“This has always been part of our longer term strategy through which we aim to mitigate risk and balance our portfolio.” [2]
Earlier, Chariot commenced drilling operation in offshore Namibia, where it holds four licences covering eight offshore blocks. [3]
Chariot’s exploration strategy is focused on West Africa, regarded as the last frontiers in oil and gas exploration.
Under the PSC, Chariot will reprocess the existing 2D datasets and commence 3D seismic survey covering 1,600 km2 out of the licence area, Block C19. [2]
The said block is located 30 kilometres from the Mauritanian Coast with depth range between 5 metres to 2,100 metres. [2]
“We believe that our experience, skill-set and capabilities, as demonstrated in Namibia, will enable us to unlock further potential in West African deep water assets and we look forward to doing so alongside the Mauritanian Government in our newly acquired acreage,” commented CEO Paul Welch. [2]
“The team continues to carefully evaluate African deep water opportunities in order to find additional blocks of interest.” [2]
Company Spotlight
Chariot Oil and Gas Limited is an independent oil and gas exploration company focusing in West Africa. [4]
The company is listed on the Alternative Investment Market of the London Stock Exchange. [5]
Shares of the company were down 4.75 pence, or 2.6%, to 178 pence a share, at 8:30 AM GMT. [6]
References
- ↑ Official company history
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 Acquisition of Offshore Exploration Blocks, Mauritania - London Stock Exchange - Regulatory Story - 10 April 2012
- ↑ Commencement of Drilling on the Tapir South Prospect - InvestEgate
- ↑ Chariot Oil and Gas Overview - Official Company Website
- ↑ Chariot Oil and Gas Company Profile - London Stock Exchange
- ↑ Chariot Oil and Gas Stock Quote Information - ADVFN Stock Quote
