Chariot Oil & Gas Limited (LON:CHAR) told investors that the Rabat Deep exploration well is now underway.
The company owns a 10% stake in the exploration project, offshore Morocco, where the Saipem 12000 drillship is now drilling.
Operations are due to take around 50 days. It is targeting the JP-1 exploration prospect which is described as a large, four-way dip closed structure spanning 200 square kilometres areal extent. The target is estimated at 768mln barrels (gross mean prospective resource).
Chariot, as a result of its farm-out deal with ENI, has a ‘capped carry’ on the costs of the exploration well.
ENI is the project operator, holding 40% of the project, alongside Woodside Energy and state-owned ONHYM which each own 25%.