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Tuesday, January 10, 2017
Chariot Oil & Gas’ farm-out of an interest in the Rabat Deep Offshore permits I-IV off the coast of Morocco is officially complete. The completion of the farm-out to ENI received approval from all relevant Moroccan authorities.
Operatorship of the permits have now been transferred to ENI.
ENI acquired operatorship and a 40% equity interest from Chariot in return for a capped carry on drilling the JP-1 prospect as well as a carry on other geological and administrative costs relating to Rabat Deep and a recovery of Chariot’s investment to date. The JP-1 prospect, which will be targeted with the drilling the RD-1 well, is a large, four-way dip closed structure of approximately 200 sq km areal extent, with Jurassic carbonate primary reservoir objectives and an independently audited gross mean prospective resource estimate of 768 million barrels.
Larry Bottomley, CEO commented, “We are pleased to have satisfied all conditions precedent and welcome Eni as the operator of the Rabat Deep acreage. We anticipate that further to completing the Environmental Impact Assessment, finalizing well planning and securing a rig, drilling will now occur in early 2018.
“This agreement continues to demonstrate Chariot’s ability to deliver on its strategy of securing third-party validation through partnering, and we are excited that we will now take one of our priority targets through to drilling. Retaining a 10% equity interest in this well has the potential to create transformational value in the success case due to the large scale prospective resources, excellent contract commercial terms and robust economics. Success will also materially de-risk other targets we have identified within our neighboring Mohammedia permits in which we hold a 75% interest.”
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