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Stena Drilling is pleased to announce the award of a 1-well Firm programme for the Stena Forth, for former client, Energean, in Morocco. The drilling campaign is scheduled to commence in Q3 2024 and includes the flexibility to drill an additional option well in Morocco.
The Stena Forth, a state-of-the-art harsh environment dynamically positioned drillship, will be deployed to execute the firm drilling programme, demonstrating Stena Drilling’s commitment to delivering high-quality services to its clients in challenging offshore environments. This will be the third vessel in the Stena Drilling fleet that Energean have contracted with the Stena DrillMAX and Stena IceMAX having previously completed successful campaigns for Energean.
Stena Drilling have a proven track record of operating in Morocco having drilled in the country previously with the Stena Don for Chariot, who are a partner on this well, and we look forward to returning to the Anchois field for Energean later this year.
“We are delighted to secure this drilling campaign for the Stena Forth in Morocco,” said Eirik Reinertsen, Chief Commercial Officer at Stena Drilling. “This contract award underscores our strong relationships with our clients, resulting in repeat business for our fleet, and our reputation for delivering safe and efficient drilling operations.”
“Energean and our partners are pleased to work with Stena Drilling for the upcoming campaign in Morocco,” said Simon French, Head of Wells and Decomissioning at Energean. “We look forward to the successful drilling and testing of the Anchois East appraisal well with the Stena Forth Drillship which is a critical step in moving the project closer to FID.”
Could you say which other site so those of us not involved can try and see the report.
Fantastic news re Q3 appraisal, means Energean must have the rig pinpointed and be well advanced in negotiations and just waiting for the government farm in approval. Shows they're in it to get it moving.
Just watching the Eco Atlantic presentation from last week and interestingly they highlighted the Energean/Chariot deal as the one farm down transaction that shows, to them, that market reaction to farm downs is "broken".
Yeah waiting for government approval, they'll be keen and it was shown to them before but it still has to go through the correct procedures. No chance they'll pressure for someone else, they're as desperate for the gas as Chariot are.
Time will tell indeed but painful if you're holding in the meantime.
If it's a decent IR team they're waiting until it's bottomed and getting everything lined up for a counterattack starting with the onshore. Energean said they were hoping for approval of taking over operatorship soon and that point the offshore rig contract can be signed. Seem like a good outfit to me, haven't overpromised on their other N African assets and they've got some bid potential. Wanted Morocco to diversify risk and because of existing pipeline to Europe and very advantageous gas prices.
Doesn't help in the meantime though when nobody wants to buy :)