Energean PLC has successfully completed the farm-in to Chariot Limited's acreage offshore Morocco, finalizing the process with the receipt of all necessary approvals from the Moroccan Authorities. The company has also signed a rig contract with Stena Drilling Limited. Energean has paid $10 million cash consideration upon farm-in closing, resulting in an overall participation in the Lixus and Rissana licenses. The rig contract with Stena includes the use of its Stena Forth drill ship for the appraisal well, along with an optional well. The appraisal well on the Anchois field in the Lixus license is planned for Q3 2024, with the aim of undertaking a drill stem test on the main gas-containing sands and targeting an additional 11 Bcm of gross unrisked prospective resource.
Mathios Rigas, Chief Executive Officer of Energean, expressed enthusiasm about the company's entry into Morocco, highlighting the potential to replicate previous successes in the Mediterranean. He emphasized the goals of enhancing domestic production, meeting the country's growing demand, potentially exporting surplus supply, and contributing to energy security and long-term coal reduction.
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The announcement also includes forward-looking statements, cautioning about known and unknown risks and uncertainties that may affect actual results and events. The company commits to updating or revising publicly any forward-looking statements as required by applicable law.
This summary provides an overview of Energean PLC's recent completion of the farm-in to Chariot Limited's acreage offshore Morocco and the signing of a rig contract with Stena Drilling Limited. The company's plans for the appraisal well on the Anchois field and the expressed enthusiasm of its CEO for the potential in Morocco are highlighted. Additionally, the announcement's inclusion of forward-looking statements and the company's commitment to updating or revising them as required by law is noted.