Chariot Oil & Gas has sold half of its 25% stake in an offshore oil exploration block in Namibia to BP, The Wall Street Journal reports. Brazilian energy firm Petrobras, the owner of the other 50% stake, will be the lead operator of the block. As part of the agreement, BP will cover Chariot’s cost of drilling the first exploration well, as well as past costs incurred. The independent exploration and production company will use the proceeds from the deal for further exploration and appraisal work.

Click here for the story from The Wall Street Journal.