Chariot, an independent oil and gas exploration group, today announces that its wholly-owned subsidiary, Enigma Oil & Gas Exploration (Pty) Limited (‘Enigma’), has signed a farm-out agreement with Petrobras Oil and Gas BV, a wholly-owned subsidiary of Petroleo Brasileiro S.A. (‘Petrobras’), in respect of a 50% interest in one of Chariot’s exploration blocks, 2714A, offshore southern Namibia.

A key element of Chariot’s strategy is to pursue farm-out agreements to mitigate risk and expedite exploration and potential development of its assets. This agreement provides Chariot with a strong partner with whom to progress the exploration in this area and strengthens Chariot’s existing cash resources.