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%.
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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.
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