Under the agreement, AziLat will acquire a 25% working interest in Chariot’s BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314 blocks by paying 50% of the 3D seismic acquisition and processing costs to be incurred across these blocks.
Chariot will remain operator with a 75% equity interest.
The transaction is subject to the approval of the Brazilian authorities.
The BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314 blocks are located in the Barreirinhas Basin, approximately 70km offshore, and lie in water depths ranging from 85m to 1,700m and span a combined area of 768km².
Chariot is tendering for a 3D seismic survey of approximately 1,000km2 across its four offshore blocks, which the company plans to conduct in H1 2015.
Additionally, the company has begun seismic partnering process on this acreage to further mitigate risk and financial exposure.
Chariot CEO Larry Bottomley said: "In line with our strategy, we will look to add further partners to fully fund each phase of major investment as we continue to de-risk these assets.
"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."
