Independent exploration and production company Energean has finalized a farm-in agreement with Africa-focused transitional energy group Chariot Energy for the Lixus and Rissana licenses, located offshore Morocco.
Under this partnership, Energean assumes a 45% participating interest in the Lixus license and a 37.5% interest in the Rissana license, while also taking over operatorship of both blocks. In exchange, Energean paid $10 million to Chariot Energy upon the farm-in closing.
Energean CEO Mathios Rigas expressed enthusiasm for the venture, stating, “We are delighted to start working in Morocco, where we hope to repeat our previous success in the Mediterranean.” Rigas outlined the company’s goals of enhancing domestic production, meeting the country’s growing energy demand, and potentially exporting surplus supply, thereby contributing to energy security and long-term coal reduction efforts.
Following the completion of the agreement, Chariot Energy will retain a 30% participating interest in the Lixus license, while Morocco’s National Office of Hydrocarbons and Mines (ONHYM) will hold the remaining 25%.
Similarly, in the Rissana license, Chariot Energy will maintain an equal 37.5% share alongside Energean, with ONHYM retaining the remaining 25%.
In addition to the farm-in agreement, Energean secured a rig contract with independent contractor Stena Drilling for the Stena Forth drillship to conduct drilling activities in the Anchois East appraisal probe, offshore Morocco.
Scheduled to commence operations in the third quarter of 2024, the drillship will target main gas-bearing reservoirs in the appraisal probe with the aim of increasing the discovery’s reserves to approximately one trillion cubic feet of natural gas.
Stena Drilling’s Chief Commercial Officer, Eirik Reinertsen, expressed satisfaction with the contract award, highlighting the company’s strong relationships with clients and its reputation for delivering safe and efficient drilling operations.
This contract marks the third drilling vessel contracted by Energean, underscoring the company’s commitment to advancing exploration activities in Morocco’s offshore sector.
