London, 10 April 2024 – Energean plc (LSE: ENOG TASE: אנאג) has announced 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.”

[1] As per Chariot’s latest competent persons report