“We are delighted to start working in Morocco, where we hope to repeat our previous successes in the Mediterranean” commented Mathios Rigas.

Energean has paid $10 million cash consideration upon farm-in closing, acquiring the role of Operator as well as 45% and 37,5% stakes respectively in the Lixus and Risanna licences, in which Chariot Limited and ONIM, the Moroccan National Hydrocarbons and Minerals Agency, also hold a stake.

Energean is planning to drill an appraisal well on the Anchois field offshore Morocco in the third quarter 2024, in line with the rig lease agreement signed with Stena Drilling Limited.

On the occasion of the completion of the deal, Mr. Mathios Rigas, CEO of Energean Group, commented, “We are delighted to start working in Morocco, where we hope to repeat our previous successes in the Mediterranean: enhancing domestic production, helping to meet the country’s growing demand, with the potential for exports for any surplus supply, and facilitating both energy security and long-term coal reduction.” The agreement includes the development of the exploitable Anchois gas field, containing 18 Bcm of natural gas.

The purpose of the appraisal well is to undertake a drill stem test on the main gas-containing sands and target an additional 11 Bcm of gross unrisked prospective resource.