AziLat Ltd., Secures Acreage Position Offshore Brazil

            AziLat Ltd., Secures Acreage Position Offshore Brazil

  PR Newswire

  HAMILTON, Bermuda, August 20, 2014

HAMILTON, Bermuda, August 20, 2014 /PRNewswire/ --

AziLat Ltd. ("AziLat"), the South America focused oil and gas exploration
company, is pleased to announce that it has signed a farm-in agreement ("the
farm-in") with Chariot Brasil Petróleo e Gás Ltda., a wholly owned subsidiary
of Chariot Oil & Gas Limited ("Chariot") to blocks BAR-M-292, BAR-M-293,
BAR-M-313 and BAR-M-314 ("the blocks"), in the Barreirinhas Basin, offshore
Brazil.

Under the terms of the farm-in, which is subject to approval of Brazilian
authorities, AziLat, through its local subsidiary AziBras Exploração de
Petróleo e Gás Ltda. ("AziBras"), will pay 50% of the 3D seismic acquisition
programme and related processing costs incurred across the blocks in exchange
for a 25% working interest.

Following the completion of the transaction, the working interest positions in
blocks BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314 will be as follows:


    Chariot           75% (Operator)
    AziLat            25%

The blocks are located in the Barreirinhas Basin, on Brazil's Equatorial
Margin, approximately 70km offshore, and cover an area of 768km² with water
depths ranging from 85m to 1,700m. The Barreirinhas Basin has analogues with
prolific West African Basins in Côte d'Ivoire and Ghana, where major oil and
gas fields have been discovered.

Michael Stewart, Managing Director of AziLat, commented:

"We are very excited with this agreement which marks AziLat's entry into the
region and further deepens our relationship with Chariot, with whom we are
already a partner in a number of blocks offshore Namibia through AziLat's
sister company, AziNam. The Barreirinhas Basin remains underexplored with
modern 3D seismic and offers huge potential on a coastline that has yielded
some of the largest discoveries of the last decade. With the financial backing
of Seacrest Capital Group, we look forward to advancing the exploration
activities in these four blocks, in other areas offshore Brazil and the wider
South American region."

Notes to Editors: 

AziLat is a Seacrest Capital Group backed E&P company, focused on South
America.

Seacrest Capital Group is a leading energy investor specialising in offshore
exploration, leveraging its proprietary assets and relationships to build a
diversified, global portfolio of regionally focused oil and gas exploration
companies. Since 2011, Seacrest Capital Group has created and invested in a
number of successful exploration companies in the United Kingdom and Norwegian
North Sea, West Africa, Ireland and South East Asia.

Contacts:

AziLat Limited Daniel McKeown http://www.azilat.com +1-441-537-2073 Vigo 
Communications Patrick d'AnconaChris McMahon http://www.vigocomms.com
+44(0)20-7016-9570
 
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