Oil and Gas Corporate News
Chariot Oil & Gas Limited (CHAR, 120p, ? 4.35%) announced a farm-out agreement has been signed with BP for Block 2714A. Highlights: BP to farm into 50% of Chariot's equity in Block 2714A (Licence 20); Commits to carry Chariot's portion of first well and past costs incurred; Further endorsement of prospectivity of the acreage; and funds received and retained by Chariot will be used for future appraisal activities. Block 2714A is located in the Orange Basin offshore Namibia and covers an area of 5,481km². The Nimrod prospect is situated within this licence and is the largest of Chariot's prospects. With this farm-out, Chariot will continue to pursue its drilling campaign within this licence area whilst sharing in the costs, risks and rewards of exploration. Funds received and retained through this deal will be used in further exploration and appraisal work. Chariot also announced the completion of a farm-out agreement for its Central Blocks in Namibia. Highlights: Petroleum Geo Services ASA ("PGS") to acquire 10% interest in Central Blocks (Licence 19, covering Blocks 2312 A & B and Northern halves of 2412 A & B) offshore Namibia; PGS agree to fund 50% of the 2,500km2 3D seismic programme; Chariot will retain a 90% equity ownership of the licence following completion of the farm-out; and farm-out releases funds earmarked for 3D seismic acquisition in the Central Blocks for other exploration and appraisal activities.
Circle Oil (LON:COP) Plc (BUY, £0.90) (COP, 25.38p, ? 10.57%) announced the appointment of Mr. Nicholas John Clayton as a Non-Executive Director with effect from today. Mr Clayton (48) has provided strategic and corporate finance advice to a number of public and private oil and gas companies since January 2007. He began his career at BP having obtained a first class honours degree in Business Studies, sponsored by BP, from Portsmouth Polytechnic in 1985. He was Global Head of Oil and Gas Corporate Finance for Dresdner Kleinwort Benson from 2000 to 2005 having previously been Global Head of Energy Research between 1997 and 2000. Between August 2005 and December 2006 he was Global Co-Head of Oil and Gas Corporate Finance for Canaccord Adams (now Canaccord Genuity).
Range Resources (LON:RRL) Limited (UNDER REVIEW) (RRL,11.63p, ? 16.25%) announced that in the two months since completing its Trinidad acquisition, the Company has successfully drilled its…
