Chariot Oil & Gas Limited says that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd., has signed a farm-out agreement with a wholly owned subsidiary of Woodside, Australia's largest independent exploration & production company.

Following completion of this agreement, which is subject to the approval of the Moroccan authorities, Woodside will hold a 25% equity interest in the Rabat Deep Offshore permits I-VI, Morocco, in return for paying 100% of the 3D seismic acquisition and processing costs incurred across the licence by Chariot, as well as all back costs and a carry on planned multibeam side-scan sonar and seabed coring.

Tags: Chariot Oil & Gas Limited, Woodside Corporation