Offshore staff
LONDON — Energean has agreed to farm in to two Chariot-operated licenses offshore Morocco.
The transaction would give Energean 45% of the Lixus permit containing the Anchois gas development (Chariot 30%, ONHYM 25%) and 37.5% of the Rissana license (Chariot 37.5%, ONHYM 25%).
In both cases, Energean will assume operatorship.
The company has agreed to carry Chariot for its share of pre-FID costs for Anchois up to $85 million gross expenditure; this includes drilling next year of an appraisal well and up to $7 million of seismic expenditure on Rissana, plus $15 million in cash if the partners proceed to FID on the Anchois development.
Following the appraisal well, Energean will have an option to its interest in Lixus to 55%
A further agreement could involve the company carrying Chariot’s 20% share of development costs for Anchois up to a net expenditure cap of $170 million,
The Lixus license covers a 1,794-sq-km area from the coastline out to a water depth of 850 m. There is legacy 3D seismic data totalling about 1,425 sq km, and five exploration wells have been drilled including the Anchois-1 and Anchois-2 discovery wells.
Chariot’s latest competent persons report lists certified 2C resources of 18 Bcm in the discovered gas sands and unrisked prospective resources of 21 Bcm in undrilled sands.
Main goals of the 2024 appraisal well on the field’s eastern flank will be to conduct a DST on the main gas-containing sands; to target an additional 5 Bcm of recoverable gas via a sidetrack into the O sands in the Anchois Footwall prospect; and to access a further 6 Bcm potentially recoverable through deepening of the well into previously undrilled sands in the Anchois North Flank prospect.
Once drilled, the well would likely be retained as a future producer for the development.
Positive results could lead to expansion of the existing offshore development plan, to accommodate potentially higher production, Chariot said, adding that the partners will seek to finalize gas sales negotiations with a focus on Morocco’s energy requirements.
12.07.2023
