Energean to drill offshore Morocco discovery after farm in

Energean PLC will drill an appraisal well after farming into Chariot Ltd.’s acreage offshore Morocco, which includes the 18 billion cu m (bcm) Anchois gas development and additional exploration prospectivity.

Energean agreed to farm into a 45% working interest in the Lixus offshore license, which contains the Anchois development (Chariot 30%, ONHYM 25%), and a 37.5% working interest in the Rissana license (Chariot 37.5%, ONHYM 25%). Energean will assume operatorship for both licenses for an upfront cash consideration of $10 million.

Energean and Chariot plan to drill an appraisal well in 2024, targeting an additional 11 bcm of gross unrisked prospective resource to be commercialized through the Anchois development and nearby infrastructure.

A drill stem test is planned on the main gas-containing sands targeting 5 bcm of recoverable gas with a 61% geological chance of success through a sidetrack into the O sands in the Anchois Footwall prospect. An additional 6 bcm of recoverable gas will be targeted with a 49% geological chance of success through a deepening of the well into previously undrilled sands in the Anchois North Flank prospect.

Once drilled, the well is expected to be retained as a future producer.

Following drilling of the appraisal well, Energean has the option to increase its working interest by 10% to 55%.

Chariot’s latest competent persons report covering Anchois field shows certified gross 2C contingent resources of 18 bcm in the discovered gas sands and gross unrisked prospective resources of 21 bcm in undrilled sands.

The 1,794 sq-km Lixus license lies in water depths from the coastline to 850 m. Legacy 3D seismic data covers about 1,425 sq km and five exploration wells have been drilled, including Anchois-1 and Anchois-2 discovery wells.