Woodside had the option of doubling its stake to 50% and securing operatorship in the Rabat Deep licence if it funded the cost of an exploration well.

However, it declined, retaining a 25% interest and leaving Chariot as operator with 50%. Larry Bottomley, chief executive of Chariot, said: “It is disappointing that Woodside has not exercised its option but we remain optimistic regarding the potential of the Rabat Deep permits.”

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