Rabat – Africa-focused energy company Chariot Has announced the finalization of a deal with London-based Energean, a company specializing in hydrocarbon exploration and production.
Under the partnership, Energean secures a 45% interest in the Lixus and Rissana licenses offshore Morocco.
Chariot CEO Adonis Pouroulis commented on the partnership, noting his satisfaction with the deal.
The deal means that “we have all necessary Moroccan approval for the deal to proceed,” he said. “That means that Energean is now the operator of both the Lixus and Rissana offshore blocks.”
Pouroulis also stressed satisfaction with the company securing a $10 million cash injection as part of the deal, announcing that Chariot has also signed a rig contract with Stena Group.
“It is a Stena Forth rig, and we should be drilling in the third quarter of this year. Very exciting. What is very important as well is that we have the option to drill a second well, which shows real commitment from the partnership to developing the Lixus and the Anchois gas field,” he added.
As part of the agreement, Energean will have operatorship of both licenses while Chariot retains a 30% and 37.5% interest in Lixus and Rissana, respectively.
Morocco’s National Hydrocarbons and Mining (ONHYM) will maintain a 25% stake in each license.
Moroccan Energy Minister Leila Benali commended the partnership, stating that the country welcomes Energean on both licenses as the important investments that would contribute to the monetization of the country’s resources.
Amina Benkhadra, Onhym’s General Director, also commended the partnership and emphasized its role in financing and advancing the project.
“We look forward to working alongside Energean and Chariot in bringing the project to first gas,” she said last year.
