In a significant stride towards bolstering Morocco's energy landscape, London-listed Energean has clinched a deal with Chariot Energy to spearhead operations at the Anchois gas discovery, marking the nation's sole offshore hydrocarbon find.
The agreement signals a pivotal juncture in the development roadmap for Anchois, slated for integration as a subsea tieback to an onshore processing hub, pending the drilling and evaluation of a crucial appraisal well.
Teaming up with Chariot Energy, Energean has inked a contract with UK-based Stena to deploy the drillship Stena Forth for probing the Anchois East appraisal zone in the third quarter of 2024, with potential for additional exploratory wells.
At the heart of this endeavor lies a pivotal drill stem test aimed at delineating the reservoirs' gas potential, with a parallel objective to explore untapped prospects, potentially augmenting the discovery's reserves to around 1 trillion cubic feet.
Energean's completion of the deal, announced last December, follows the receipt of regulatory greenlights from Moroccan authorities, propelling the venture forward.
With a $10 million investment, Energean secures a 45% stake in the Lixus license, home to the Anchois reservoir, with Chariot retaining 30% and state-owned ONHYM holding 25%. A parallel agreement grants Energean and Chariot 37.5% interests in the adjacent Rissana license, with ONHYM retaining a 25% share.
Stephane Foucaud, an analyst at Auctus Advisers, highlights Energean's option to acquire an additional 10% of Anchois, alongside Chariot's entitlement to a $50 million convertible/share payment, an $850 million gross carry, and a 7% royalty.
Adonis Pouroulis, CEO of Chariot Energy, underscores the collaborative efforts in expediting well planning for the upcoming drilling campaign, scheduled to commence in the third quarter of 2024.
This concerted drilling and assessment initiative aims to further appraise the existing gas reservoirs, encompassing flow testing, while simultaneously targeting unexplored resource potentials to potentially scale the Anchois gas development beyond 1 trillion cubic feet, as noted by Chariot.
Energean's CEO, Mathios Rigas, expresses enthusiasm for the project, drawing parallels to the company's successes in the Mediterranean. Rigas anticipates a positive impact on domestic production, catering to Morocco's burgeoning energy needs, with prospects for surplus supply exports, underpinning energy security and long-term carbon reduction objectives.
The evolution of the Anchois gas discovery under Energean's stewardship stands as a beacon of optimism for Morocco's energy landscape, promising to diversify the nation's energy mix while fostering economic growth and sustainability.
