AziLat Ltd., Secures Acreage Position Offshore Brazil
Aug 20, 2014 UncategorizedComments Off on AziLat Ltd., Secures Acreage Position Offshore Brazil
HAMILTON, Bermuda, Aug. 20, 2014 /PRNewswire/ —
AziLat Ltd. (“AziLat”), the South America focused oil and gas exploration company, is pleased to announce that it has signed a farm-in agreement (“the farm-in”) with Chariot Brasil Petroleo e Gas Ltda., a wholly owned subsidiary of Chariot Oil & Gas Limited (“Chariot”) to blocks BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314 (“the blocks”), in the Barreirinhas Basin, offshore Brazil.
Under the terms of the farm-in, which is subject to approval of Brazilian authorities, AziLat, through its local subsidiary AziBras Exploracao de Petroleo e Gas Ltda. (“AziBras”), will pay 50% of the 3D seismic acquisition programme and related processing costs incurred across the blocks in exchange for a 25% working interest.
Following the completion of the transaction, the working interest positions in blocks BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314 will be as follows:
Chariot 75% (Operator) AziLat 25%
The blocks are located in the Barreirinhas Basin, on Brazil’s Equatorial Margin, approximately 70km offshore, and cover an area of 768km