Eni Completes Morocco Farm-In

The Moroccan authorities have approved Eni’s farm in to the Rabat Deep offshore exploration permits I-VI, with a 40% stake acquired from UK Chariot Oil & Gas, the latter announced January 9. The approval took just over nine months to secure.

As a result, Eni is now the operator. Remaining interests are Woodside 25%, Chariot 10%, with Moroccan state Office National des Hydrocarbures et des Mines holding a 25% carried interest. The farm-in was first announced on March 30 when Eni said it hoped to find liquids. Gas and liquids have recently been found offshore other areas along the northwest African coast, although Moroccan waters remain thinly explored.

Eni will carry Chariot’s drilling costs for a well on the JP-1 prospect as well as a carry on other costs relating to Rabat Deep and a recovery of Chariot's investment to date. Chariot CEO Larry Bottomley said: “We anticipate that -- further to completing the environmental impact assessment, finalising well planning and securing a rig – drilling will now occur in early 2018.” Chariot has a 75% interest in the neighbouring Mohammedia offshore permits.

Mark Smedley