Chariot Oil exits Peruvian licences

27th May 2009 16:22

The decision by partner Jindal Steel and Power to withdraw from Peruvian exploration licence applications has forced Chariot Oil & Gas to follow.Chariot said it too would exit the licences, secured as part of last September's bidding round, rather than fund 100% of the exploration programme itself.Instead, the company will concentrate on its existing assets and pursue potential production and exploration opportunities. Last week, Chariot said it had agreed to farm-out half its interest in exploration block 2714A, offshore southern Namibia, to Brazil's Petrobras Oil and Gas. The oil and gas explorer will get $16.04m (£10.38m) in cash and reimbursement of the recently acquired 3D seismic programme in block 2714A.