LONDON (ShareCast) - Chariot Oil has agreed to farm-out a 25% working interest in four of its blocks in the Barreirinhas Basin, offshore Brazil.

AziLat, a subsidiary of energy investor Seacrest's Azimuth vehicle, will acquire the interest in return for the payment of the equivalent of 50% of the costs of the 3D seismic acquisition to be shot across the blocks in 2015 and subsequent processing.

Chariot will retain operatorship of the blocks with a 75% working interest.

Chief Executive Larry Bottomley said: "Our recent placing and this farm-out have provided us with the financial flexibility to accelerate our work programme and undertake the 3D acquisition across our Brazilian acreage as soon as possible, allowing us to take advantage of the current seismic market conditions.

"We are pleased with our positioning in our blocks in Brazil, where, as with our other assets, there is high industry activity and interest. Ten deepwater wells are to be drilled in the Barreirinhas Basin within the next four years, with one expected to commence in the next six months."

Shares had dipped 1.54% to 16p by 13:04.

NR

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