The company will reprocess existing 2D seismic data and then carry out a 160,000 hectare 3D seismic survey over block C19 under the three-year deal – subject to final government approval.
Block C19 covers an area of 1.4 million hectares and is located 30 kilometres off the coast of Mauritania in water depths of between five metres and 2100 metres, the company said.
Mauritania’s state-owned oil company Societe Mauritanienne de Hydrocarbures (SMH) will keep the remaining 10% stake in the block.
However, SMH may lift its stake to 15% should Chariot make a commercial discovery on the project in subsequent exploration drilling.
Chariot chief executive Paul Welch said his company looked forward to adding the Mauritania project to its portfolio, which at present covers eight exploration blocks offshore Namibia.