Energean has announced the acquisition and management of hydrocarbon offshore fields in Morocco, expanding its operations to a new country in the Mediterranean.

The Anchois field contains 18 billion cubic meters of natural gas, as well as significant exploration targets.

According to the announcement, Energean's expansion in Morocco aligns with its strategy to become a leading independent exploration and production company in the Mediterranean, with a focus on high-quality natural gas fields.

The key points of the agreement are as follows:

-Energean acquires a 45% stake in the Lixus license, with the potential to increase to 55% based on drilling results, as well as a 37.5% stake in the Rissana license, while also assuming the role of Operator.

-The agreement includes the development of the exploitable Anchois field, containing 18 billion cubic meters of natural gas, located near infrastructure for gas supply to the Moroccan market and international markets.

-The price for the acquisition amounts to $10 million.

-A confirmatory drilling is planned to take place by 2024, targeting an additional 11 billion cubic meters of prospective resources to be developed alongside Anchois.

-The licenses also present additional significant exploration targets, located near established fields and infrastructure, which are expected to add attractive and balanced risk potential for further development.