Gas Development Offshore Morocco

Thursday, December 7, 2023

Energean plc has farmed into Chariot Limited’s acreage offshore Morocco, which includes the 18 Bcm (gross) Anchois gas development and significant exploration prospectivity. 

This new country entry is well-aligned with Energean’s strategy to become the pre-eminent independent producer in the Mediterranean. Highlights include:

  • New country entry in Energean’s core Mediterranean region with acreage underpinned by an attractive gas development
  • Farm in to 45% of the Lixus licence, with the option to increase to 55% post drilling results, and 37.5% of the Rissana licence and assumes operatorship of both licences
  • Includes the commercial 18 Bcm (gross) Anchois development, located near to infrastructure for supply of gas to domestic and international markets
  • Up front cash consideration of $10 million
  • Appraisal well planned for 2024, targeting an additional 11 Bcm of gross unrisked prospective resource to be commercialized through the Anchois development
  • Energean to carry Chariot for its share of pre-FID costs, which are recoverable from Chariot’s future revenues
  • Significant additional near-field, near-infrastructure prospectivity that is expected to add attractive, balanced-risk growth potential

“This agreement is pivotal for the wider acreage offshore Morocco, on its Atlantic coast, a key energy asset for the Kingdom," said Dr Leila Benali, Minister of Energy Transition and Sustainable Development. "We welcome Energean on these licences as the important investments will contribute greatly to the monetisation of the country’s resources and to our ambitious energy strategy.”

“This is an exciting step in the next stage of our development, one that can only enhance our position as the pre-eminent independent natural gas producer listed in London," said Mathios Rigas, Chief Executive Officer of Energean. "These assets are particularly attractive as we understand the core geological, commercial and political drivers of the region, we have a track record in developing material gas resources prioritised for the domestic market and they are a complementary fit with our broader portfolio, not least the potential for surplus supply to other markets. We look forward to working with our partners Chariot and ONHYM, and developing an outstanding resource for the benefit of all parties, including Morocco and its people.”

Energean has agreed to farm into a 45% working interest in the Lixus offshore licence, which contains the Anchois gas development (Chariot 30%, ONHYM 25%), and a 37.5% working interest in the Rissana licence (Chariot 37.5%, ONHYM 25%). Energean will assume operatorship for both licences.

Categories: Drilling Industry News Activity Gas

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