Italian major Eni has agreed a farm-in deal with Chariot Oil & Gas on the Rabat Deep Offshore permit, off Morocco.
Eni will take a 40% stake and take over operatorship in the Rabat Deep Offshore license area, about 30km offshore Morocco in 150-3500m water depth, in return for a capped carry on drilling the JP-1 prospect, scheduled for 2017.
The JP-1 prospect has been described as a large, four-way dip closed structure covering about 200sq km, with Jurassic carbonate primary reservoir objectives. Netherland Sewell and Associates have estimated gross mean prospective resources at 768 MMbbl.
Chariot says success on JP-1 would materially de-risk other prospects in the area, increasing follow-on exploration potential in both Rabat Deep and the neighboring Mohammedia permit (operated by Chariot, with 75% equity interest).
Under its deal with Chariot, Eni will also carry Chariot's costs for geological and administrative costs relating to work commitments in the next license period of Rabat Deep. It will also cover Chariot's investment to date.
Following completion of the deal, which is subject to regulatory approval, the license ownership will be: Eni (operator, 40% equity interest), Woodside (25% equity interest), Chariot (10% equity interest) and Office National des Hydrocarbures et des Mines (ONHYM) (25% carried interest).
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