HAMILTON, Bermuda, August 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 Petróleo e Gás 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
Exploração de Petróleo e Gás 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 768km² with water
depths ranging from 85m to 1,700m. The Barreirinhas Basin has
analogues with prolific West African Basins in Côte d'Ivoire and
Ghana, where major oil and gas
fields have been discovered.
Michael Stewart, Managing
Director of AziLat, commented:
"We are very excited with this agreement which marks AziLat's
entry into the region and further deepens our relationship with
Chariot, with whom we are already a partner in a number of blocks
offshore Namibia through AziLat's
sister company, AziNam. The Barreirinhas Basin remains
underexplored with modern 3D seismic and offers huge potential on a
coastline that has yielded some of the largest discoveries of the
last decade. With the financial backing of Seacrest Capital Group,
we look forward to advancing the exploration activities in these
four blocks, in other areas offshore Brazil and the wider South American
region."
Notes to Editors:
AziLat is a Seacrest Capital Group backed E&P company,
focused on South America.
Seacrest Capital Group is a leading energy investor specialising
in offshore exploration, leveraging its proprietary assets and
relationships to build a diversified, global portfolio of
regionally focused oil and gas exploration companies. Since 2011,
Seacrest Capital Group has created and invested in a number of
successful exploration companies in the United Kingdom and Norwegian North Sea,
West Africa, Ireland and South
East Asia.
Contacts:
AziLat Limited
Daniel McKeown
http://www.azilat.com
+1-441-537-2073
Vigo Communications
Patrick d'Ancona
Chris McMahon
http://www.vigocomms.com
+44(0)20-7016-9570