Heat the oil in a 10-inch skillet over medium-high heat. Add the chicken and cook for 10 minutes or until well browned on both sides. Remove the chicken from the skillet.
Stir the water, soup, lemon juice, tarragon and black pepper in the skillet and heat to a boil.
Stir in the rice. Return the chicken to the skillet. Reduce the heat to low. Cover and cook for 5 minutes or until the chicken is cooked through and the rice is tender.