Chariot Ltd (AIM:CHAR, OTC:OIGLF) has announced the completion of its transaction to bring in Energean as its new partner offshore Morocco, where the countdown has now begun for new well drilling.
A rig contract has been signed with Stena Drilling for at least one new well in the third quarter of this year, with an option for an additional well.
The Stena Forth drillship will drill the Anchois-East appraisal and development well, whilst the option well is pencilled in for the Lixus licence.
It aims to drill and test already discovered gas sands, including flow testing, as well as test a previously undrilled target at Anchois which is estimated to potentially increase the project’s size to over 1 trillion cubic feet.
"We are very pleased to have received formal approval from the Moroccan authorities for the transaction, for Energean to officially be our partner on the Lixus and Rissana licences and to have the rig contract signed for the Stena Forth,” chief executive Adonis Pouroulis said in a statement.
“Our teams have been working closely together on well planning to deliver the expedited commencement of this campaign in the third quarter and further updates on this will be provided in due course.”
Chariot has now received the $10 million upfront payment from the Energean transaction.
The AIM-quoted firm retains 30% and 37.5% respectively of the Lixus and Rissana licences.
Energean, meanwhile, holds 45% and 37.5% of the projects, while Moroccan state firm ONHYM holds 25% in each.