Energean
plc
("Energean" or the
"Company")
Morocco farm-in completed and
rig contract signed
London, 10 April 2024 -
Energean plc (LSE: ENOG TASE: אנאג) is pleased to announce that it
has completed the farm-in to Chariot Limited's ("Chariot",
AIM:CHAR) acreage offshore Morocco, following the receipt of all
remaining approvals from the Moroccan Authorities, and signed a rig
contract with Stena Drilling Limited ("Stena").
Energean has paid $10 million cash
consideration upon farm-in closing. The resulting overall
participation is:
· Lixus
licence: Energean (45%; operator), Chariot (30%) and ONHYM
(25%)
· Rissana licence: Energean (37.5%; operator), Chariot (37.5%)
and ONHYM (25%)
A rig contract has also been signed
with Stena for the use of its Stena Forth drill ship for the
appraisal well, plus one optional well. Energean as operator,
alongside its partners, is planning to drill the appraisal well on
the Anchois field (Lixus licence) in Q3 2024. 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[1].
Mathios Rigas, Chief Executive Officer of Energean,
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."
Enquiries
For capital
markets: ir@energean.com
Kyrah McKenzie, Investor Relations
Manager
Tel: +44 7921 210 862
For media: pblewer@energean.com
Paddy Blewer, Head of Corporate
Communications Tel: +44 7765 250 857
Forward looking
statements
This announcement contains
statements that are, or are deemed to be, forward-looking
statements. In some instances, forward-looking statements can be
identified by the use of terms such as "projects", "forecasts", "on
track", "anticipates", "expects", "believes", "intends", "may",
"will", or "should" or, in each case, their negative or other
variations or comparable terminology. Forward-looking statements
are subject to a number of known and unknown risks and
uncertainties that may cause actual results and events to differ
materially from those expressed in or implied by such
forward-looking statements, including, but not limited to: general
economic and business conditions; demand for the Company's products
and services; competitive factors in the industries in which the
Company operates; exchange rate fluctuations; legislative, fiscal
and regulatory developments; political risks; terrorism, acts of
war and pandemics; changes in law and legal interpretations; and
the impact of technological change. Forward-looking statements
speak only as of the date of such statements and, except as
required by applicable law, the Company undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise. The
information contained in this announcement is subject to change
without notice.