Shell was recently awarded block C-19, an area previously held by Chariot before it walked away from the project in 2016 when a weak market prevented the junior explorer from securing a farm-out deal.
In Monday’s statement, Chariot explained that it has been working with Shell and its partners and, now, in recognition of its expertise and knowledge of the area, it has been given the option to ‘back-in’ to the project.
"The focus for Chariot is the delivery of transformational value through the discovery of material hydrocarbon accumulations,” said Larry Bottomley, Chariot chief executive.
“Chariot considers the C-19 block has the potential to deliver material hydrocarbon accumulations.
“The focus of our evaluation of the option will be on value, portfolio balance, risk management and capital discipline.”
Bottomley added: “We would like to thank Shell for their constructive approach, participation and leadership in the process of securing the C-19 block, SMHPM for their continuing support of our partnership and the Ministry of Petroleum, Energy and Mines for facilitating our attempts to progress exploration on this licence.
“Securing this option is a testament to the quality of the technical team and the tenacity of the organization."