UPDATE 1-Chariot Oil H1 loss narrows

* H1 loss $1.5 mln vs $11.0 mln

* Says remains debt-free

* Cash balance of $19.5 mln at H1-end

* Shares up 5.5 percent (Adds details)

Nov 2 (Reuters) - Chariot Oil & Gas Ltd (CHARC.L) on Monday reported a narrower first-half loss, helped by a farm-out deal with a unit of Petrobras Brasileiro SA (PETR4.SA) in Namibia.

The British oil and gas explorer said seismic activity and exploration studies had fulfilled and exceeded its work programme commitments till date and prepared a "strong platform" for future business.

For the six months ended Aug. 31, the company posted a pretax loss of $1.5 million, compared with $11.0 million a year ago.

The company said the farm-out agreement with Petrobras in May allowed for reimbursement of 50 percent of Chariot's exploration costs and a part of its overhead costs.

Chariot said it was debt-free and had cash balances of $19.5 million at the end of the first six months of the year.

Shares of Chariot were up 5.5 percent at 29.00 pence at 0845 GMT on the London Stock Exchange. (Reporting by Aditi Samajpati in Bangalore; Editing by Vinu Pilakkott)