Morocco: Energean to develop offshore natural gas discovery

Energean finalized the farm-out of the Chariot Limited license offshore Morocco and signed a drilling contract with Stena Drilling Limited. Energean paid a cash consideration of $10 million on closing.

The resulting overall shareholding is Lixus license: Energean (45%; operator), Chariot (30%) and ONHYM (25%), Rissana license: Energean (37.5%; operator), Chariot (37.5%) and ONHYM (25%).

A drilling contract has also been signed with Stena for the use of its Stena Forth drillship for the appraisal well, plus an optional well. Energean plans to drill the appraisal well on the Anchois field (Lixus permit) in the third quarter of 2024. The objective of the appraisal well is to undertake a drill stem test on the main gas-bearing sands and target a further 11 Gm3 of unrisked gross potential.

Mathios Rigas, Managing Director of Energean, said: "We are delighted to start work in Morocco, where we hope to repeat our previous successes in the Mediterranean: improving domestic production, helping to meet the country's growing demand, with export potential. for any surplus supply, and facilitating both energy security and coal reduction in the long term.