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Natural gas-focused exploration and production company Energean has completed a farm-in to Chariot Limited’s acreage offshore Morocco. According to the company’s media release, the farm-in was wrapped up once Moroccan authorities issued a green light.
Additionally, the company has signed a rig contract with Stena Drilling Limited. In a separate media release, Stena Drilling said it has signed a 1-well firm contract for the Stena Forth, a harsh environment dynamically positioned drillship. It will be the third Stena Drilling vessel that Energean has contracted, as Stena DrillMax and Stena IceMax previously completed campaigns for Energean.
Energean has paid $10 million cash consideration upon farm-in closing. Following the completion, Energean holds 45 percent participation interest in the Lixus license and is the operator, with Chariot holding 30 percent and ONHYM holding 25 percent interest.
At the Rissana license, Energean now holds 37.5 percent interest and is the operator, while Chariot and ONHYM hold 37.5 percent and 25 percent interest, respectively.
As for the rig contract, Energean said that it includes one appraisal well, plus one optional well. Energean as operator, alongside its partners, is planning to drill the appraisal well on the Anchois field (Lixus license) in the third quarter of 2024.
Energean said that the purpose of the appraisal well is to undertake a drill stem test on the main gas-containing sands and target an additional 11 Bcm of gross unrisked prospective resource.
“We are delighted to start working in Morocco, where we hope to repeat our previous successes in the Mediterranean: enhancing domestic production, helping to meet the country’s growing demand, with the potential for exports for any surplus supply, and facilitating both energy security and long-term coal reduction”, Mathios Rigas, Chief Executive Officer of Energean, said.
To contact the author, email andreson.n.paul@gmail.com
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