Eni has completed a deal to take over operatorship of the Rabat Deep Offshore permits I-VI, offshore Morocco, with plans to drill on the acreage in 2018, following approval of a deal by the license partners.
The deal, with UK-based independent Chariot Oil & Gas, has Italy's Eni now holding 40% interest in the blocks, about 30km offshore Morocco in 150-3500m water depth alongside Australia's Woodside (25%), and Chariot (10%), and state firm the Office National des Hydrocarbures et des Mines (25%).
In return for its stake in the licenses, Eni will carry Chariot's drilling costs on the JP-1 prospect as well as other geological and administrative costs relating to Rabat Deep and some of Chariot's costs to date.
The JP-1 prospect, to be targeted with the RD-1 well, is a large, four-way dip closed structure of approximately 200sq km areal extent, with Jurassic carbonate primary reservoir objectives and an independently audited gross mean prospective resource estimate of 768 MMbbl.
Larry Bottomley, CEO commented: "We are pleased to have satisfied all conditions precedent and welcome Eni as the operator of the Rabat Deep acreage. We anticipate that further to completing the environmental impact assessment, finalizing well planning and securing a rig, drilling will now occur in early 2018 [it was previously slated for 2017].
Chariot has said success on JP-1 would materially de-risk other prospects in the area, increasing follow-on exploration potential in both Rabat Deep and the neighboring Mohammedia permit (operated by Chariot, with 75% equity interest).
"Retaining a 10% equity interest in this well has the potential to create transformational value in the success case due to the large scale prospective resources, excellent contract commercial terms and robust economics. Success will also materially de-risk other targets we have identified within our neighboring Mohammedia permits in which we hold a 75% interest."
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