Exploration company AziLat signed a farm-in agreement Wednesday with Chariot Brasil Petróleo e Gás for offshore blocks BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314 in the Barreirinhas Basin, Brazil.
AziLat, through its local subsidiary AziBras Exploração de Petróleo e Gás, will pay for 50 percent of the 3D seismic acquisition program and related processing costs for all of the blocks in exchange for a 25 percent working interest.
Chariot Brasil is a wholly owned subsidiary of Guernsey-based independent Chariot Oil & Gas Limited.
AziLat is a portfolio company of Seacrest Capital Group and is an exploration company focusing on South America.
Seacrest is a privately held energy investor based in Bermuda focusing on oil and gas exploration companies.
The deal is still subject to approval from Brazilian authorities.
The blocks are located in the Barreirinhas Basin, on Brazil’s Equatorial Margin, approximately 43.5 miles (70km) offshore.
The blocks cover an area of about 296 square miles (768 square kilometers).
The blocks have water depths ranging from 278 feet (85m) to 5,577 feet (1,700m).
Azilat said the Barreirinhas Basin has analogues with the prolific West African Basins in Côte d’Ivoire and Ghana, where major oil and gas fields have been discovered.
All four licenses are currently in the exploration phase.