REG - Energean PLC - Morocco Farm-in Completed and Rig Contract Signed

EnergeanAnnouncement

10/04/2024 07:00

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RNS Number : 9399J  Energean PLC  10 April 2024

 

 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 (mailto:ir@energean.com)

 

Kyrah McKenzie, Investor Relations Manager              Tel: +44 7921
210 862

For media: pblewer@energean.com (mailto: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.

 1  As per Chariot's latest competent persons report

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