Chariot Oil & Gas secures option from Shell to participate in Mauritania prospect
Source - SMW
Chariot Oil & Gas said it had secured an option to buy an up to 20% stake in an exploration prospect in Mauritania that had recently been awarded to Shell.
The company said it could back-in for 10%-to-20% equity in the C-19 block, of which it had secured an exploration licence over in June 2012.
Chariot Oil & Gas was not able to develop the prospect during a period of low oil prices and in 2016 elected not to enter a renewal phase, which carried a well commitment.
However, in recognition of the expertise and knowledge developed by the Chariot technical team, Shell had now offered the back-in option.
'The company is currently considering the merits of exercising this back-in option right and will up-date the market following any further material decision taken,' Chariot said.
At 1:28pm: (LON:CHAR) Chariot Oil Gas Ltd share price was +0.14p at 8.35p