Independent exploration and production company Energean has completed a farm-in agreement with Africa-focused transitional energy group Chariot Energy for the Lixus and Rissana licenses, offshore Morocco.
Under the partnership, Energean will hold a 45% participating interest in the Lixus license and a 37.5% interest in the Rissana license while taking over operatorship of both. Upon farm-in closing, Energean paid $10 million to Chariot Energy.
“We are delighted to start working in Morocco, where we hope to repeat our previous success 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,” stated Energean CEO Mathios Rigas.
Following completion of the agreement, Chariot Energy will hold a 30% participating interest in the Lixus license while Morocco’s National Office of Hydrocarbons and Mines (ONHYM) will retain the remaining 25%. At the Rissana license, Chariot Energy will hold an equal 37.5% share to Energean while the remaining 25% will be retained by ONHYM.
In addition to the farm-in agreement, Energean signed a rig contract with independent contractor Stena Drilling for the Stena Forth drillship to carry out drilling activities in the Anchois East appraisal probe, offshore Morocco. The drillship is slated to kick off operations in the third quarter of 2024.
Serving as the third Stena drilling vessel contracted by Energean, which include the Stena DrillMAx and Stena IceMax, the Stena Forth will target main gas-bearing reservoirs in the appraisal probe with the goal of boosting the discovery’s reserves to approximately one trillion cubic feet of natural gas.
“We are delighted to secure this drilling campaign for the Stena Forth in Morocco,” stated Stena Drilling CCO Eirik Reinertsen, adding, “This contract award underscores our strong relationships with our clients, resulting in repeat business for our fleet, and our reputation for delivering safe and efficient drilling operations.”
