LONDON – Morocco’s authorities have approved the transfer of operatorship to Eni of the Rabat Deep Offshore permits I-VI.
The partners in the license are now as follows: Eni (40%), Woodside (25%), Chariot Oil & Gas (10%), and Office National des Hydrocarbures et des Mines (25% carried interest).
Eni acquired a 40% equity interest from Chariot in return for a capped carry on drilling the JP-1 prospect, and other geological and administrative costs relating to Rabat Deep and a recovery of Chariot’s investment to date.
The RD-1 well on JP-1 will target a 200-sq km (77-sq mi), four-way dip closed structure with Jurassic carbonate primary reservoir objectives. Estimated prospective resource is 768 MMbbl.
Larry Bottomley, Chariot’s CEO, said: “We anticipate that further to completing the environmental impact assessment, finalizing well planning and securing a rig, drilling will now occur in early 2018…
“Success will also materially de-risk other targets we have identified within our neighboring Mohammedia permits in which we hold a 75% interest.”