Energean plc has farmed into Chariot Limited’s acreage offshore Morocco, which includes the 18 Bcm (gross) Anchois gas development and significant exploration prospectivity.
This new country entry is well-aligned with Energean’s strategy to become the pre-eminent independent producer in the Mediterranean. Highlights include:
“This agreement is pivotal for the wider acreage offshore Morocco, on its Atlantic coast, a key energy asset for the Kingdom," said Dr Leila Benali, Minister of Energy Transition and Sustainable Development. "We welcome Energean on these licences as the important investments will contribute greatly to the monetisation of the country’s resources and to our ambitious energy strategy.”
“This is an exciting step in the next stage of our development, one that can only enhance our position as the pre-eminent independent natural gas producer listed in London," said Mathios Rigas, Chief Executive Officer of Energean. "These assets are particularly attractive as we understand the core geological, commercial and political drivers of the region, we have a track record in developing material gas resources prioritised for the domestic market and they are a complementary fit with our broader portfolio, not least the potential for surplus supply to other markets. We look forward to working with our partners Chariot and ONHYM, and developing an outstanding resource for the benefit of all parties, including Morocco and its people.”
Energean has agreed to farm into a 45% working interest in the Lixus offshore licence, which contains the Anchois gas development (Chariot 30%, ONHYM 25%), and a 37.5% working interest in the Rissana licence (Chariot 37.5%, ONHYM 25%). Energean will assume operatorship for both licences.