Gulf Oil and Gas accountACCOUNT

Approval of Farmout Agreement in Mauritania Block C19

Source: www.gulfoilandgas.com 10/14/2013, Location: Africa

Share |
Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, reports that, as detailed in the announcement of 8 August 2013, the farm-out agreement signed between its wholly-owned subsidiary, Chariot Oil & Gas Investments (Mauritania) Ltd. and Capricorn Mauritania Limited, a wholly owned subsidiary of Cairn, on licence C19 offshore Mauritania has been approved by the Ministry of Hydrocarbons in Mauritania and all other approvals and conditions precedent to the transaction have been granted or fulfilled.

As part of the farm-out agreement, Cairn committed to pay approximately US$26 million for the costs of the 3D seismic data acquired by Chariot on the block and other back costs incurred, which has now been received. Chariot now holds a 55% stake and operatorship in the block, Cairn holds a 35% equity interest and the Société Mauritanienne des Hydrocarbures (SMH) retains 10% as a carried interest.

Following interpretation of the final Pre-Stack Depth Migration (PSDM) volumes, due to be received in November 2013, a resource update will be published in Q1 2014. Drilling planning and the evaluation of partnering options will commence thereafter.

For more information about related Opportunities and Key Players visit West Africa Projects

Acquisitions and Divestitures News in Mauritania >>

Egypt >>  8/14/2018 - Eni announces that a new Concession Agreement, aimed at governing an offshore exploration license in the prolific East Nile Delta Basin of the Mediter...
Namibia >>  8/14/2018 - Azinam Limited, the Seacrest Capital Group-backed Namibian explorer, is pleased to announce that ExxonMobil Namibia (PEL44) Limited, an affiliate of E...

United Kingdom >>  8/14/2018 - Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK,...
Egypt >>  8/13/2018 - Eni announces that Egyptian Authorities have authorized a new Nile Delta Concession Agreement allowing a ten-year extension of the Abu Madi West Devel...

Senegal >>  8/13/2018 - PETRONAS through its subsidiary PC Senegal Ltd, recently signed a Farm-in Agreement with TOTAL E&P Senegal SAS, a subsidiary of TOTAL, to acquire a 30...
United Kingdom >>  8/13/2018 - Neptune Energy Group (“Neptune”) has entered into a Sale and Purchase Agreement to acquire certain development and exploration assets in the UK Centra...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Mauritania Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Mauritania >>

More News

 

Oil & Gas Companies in Mauritania >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.