Chariot Oil and Gas says it is 'pleased" that BP has taken a further stake in an licence offshore Namibia.
BP has upped its holding in "Block 2714A" to 45%, having acquired 20% from the operator Petrobas Oil and Gas.
The ownership of the site now stands at Petrobras 30%, BP 45% with Enigma Oil & Gas Exploration (Pty) Ltd. (Chariot's wholly owned subsidiary) remaining at 25%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The moves tends to imply BP has high hopes for the operations in Namibia, which explains the 2.7% rise Chariot's shares by 11:18. The stock has gained 77% since the beginning of this year.
BS
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
