Chariot Oil & Gas Limited, the independent Africa focused oil and gas exploration company, today announced that the recently announced contract regarding the Block C19 concession offshore Mauritania, has been approved by the Government of the Islamic Republic of Mauritania and is now effective.
The contract consists of an initial three year period, during which Chariot has agreed to reprocess the existing 2D seismic datasets and then to carry out a 1,600km2 3D seismic survey. Following the results of this work, Chariot may then elect to move forward into subsequent phases of the Contract which would involve the undertaking of exploration drilling activities. Chariot will be partnered with Société Mauritanienne de Hydrocarbures (SMH), the National Oil Company of Mauritania, which will participate with a 10% carried interest. In the event of a commercial discovery, the State will have the option to increase its interest to 15%.
Paul Welch, CEO of Chariot , last week commented:
“We are very pleased to announce the expansion of our portfolio into offshore Mauritania and entrance into an already oil producing province. This has always been part of our longer term strategy through which we aim to mitigate risk and balance our portfolio. The team continues to carefully evaluate African deep water opportunities in order to find additional blocks of interest.
Mauritania, one of the world’s poorest countries, with iron or exports and fish produce representing major contributors to its economy, hopes to take advantage of its offshore reserves of oil and natural gas. The country is one of the newest African oil producers. First Mauritania’s oil started flowing in 2006, from the Chinguetti offshore field. The field, discovered by Australian Woodside in 2001, was later on sold to Malaysian oil and gas giant PETRONAS.
[mappress] Offshore Energy Today Staff, April 13, 2012