Conclusion of Farm-Out Agreement with BP in Block 2714A

Source: www.gulfoilandgas.com 2/2/2012, Location: Africa

Chariot Oil & Gas, an independent oil and gas exploration company, announces that its wholly owned subsidiary, Enigma Oil & Gas Exploration (pty) Limited ("Enigma"), has received full approval from the Ministry of Mines and Energy in Namibia for its farm-out agreement with BP in block 2714A, which was announced on 8 August 2011. As part of the farm-out agreement, BP has committed to cover Chariot's cost of drilling the first exploration well in this block as well as past costs incurred, which have now been received.

As a result, the ownership of Southern Block 2714A now consists of 50% Petrobras, 25% BP and 25% Enigma. The block currently has 11 identified prospects, one of which - Nimrod - is due to be tested in H2 of this year with the drilling of the Kabeljou-1 exploration well. The proposed well location has been agreed by all parties and Petrobras, as Operator, will update the partners with its progress throughout the coming months.

Paul Welch, CEO, commented:
"We are very pleased to have concluded this agreement with the support of the Ministry of Mines and Energy in Namibia. We can now push forward with our drilling campaign on Kabeljou-1 using the additional knowledge and experience of our new partner, whilst reducing our capital and risk exposure."


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