Translation..12 Mar 2025 12:55
Doesnt make much sense in terms of timelines.... - but something prompted it .... ?!? DYOR
By decision of Benali, Chariot's Lixus Offshore licenses extended by four years
As Chariot Oil & Gas continues to expand its operations in Morocco, notably with the completion a few months ago of the drilling of the Anchois-3 well where the presence of gas was announced, the Africa-focused transitional energy group, which is conducting several offshore and onshore projects in Morocco, sees its Lixus licenses, off the coast of Larache in the north of the Kingdom, extended, Le Desk has learned.
ledesk.ma
Under two decrees by the Minister of Energy Transition and Sustainable Development, Leila Benali, recently published in the Official Bulletin, the hydrocarbon exploration permits Lixus Offshore I and Lixus Offshore II are extended "for a first additional period of four years from November 30, 2021."
ledesk.ma
This is a modification of the 2022 decisions granting a first additional period for exploration permits to the National Office of Hydrocarbons and Mines (ONHYM) and the company Chariot Oil & Gas Holdings (Morocco), the same source specifies. The exploration permits granted have a maximum duration of eight years.
ledesk.ma
Good news for Chariot, which risks seeing its new partner Energean plc Group, a Greek-British exploration company listed in London and Tel Aviv, withdraw. As previously reported by Le Desk, due to what it described as "unexpected results that do not meet aspirations," the company had hinted that it would leave Morocco while preparing to invest in other countries more promising in terms of oil and gas reserves.
ledesk.ma
Energean's CEO, Mathios Rigas, had stated, according to the Washington-based Specialized Energy Platform, that the drilling operations conducted by his company in the Anchois offshore field did not achieve what it expected from natural gas reserves. The London-based company had signed an agreement in December 2023 with the British company Chariot Ltd, under which it acquired shares in two offshore licenses in Morocco and subsequently sold its assets in Egypt to Carlyle to invest in these two permits.
As a reminder, the energy group had finalized last April the partnership agreements with the British company Energean plc Group, announced on December 7. Energean, listed in London and Tel Aviv, then holds 45% and 37.5% in the Lixus and Rissana offshore licenses, respectively, and becomes the operator. Chariot, for its part, retains 30% and 37.5% of the interests in these licenses, with ONHYM maintaining its 25% participation in each of them. Chariot received an initial payment of $10 million from Energean.
Furthermore, a drilling contract was signed with Stena Drilling for the use of its "Stena Forth" drilling unit for an appraisal drilling and the development of a well located east of the Anchois gas field, as well as an optional additional well on the Lixus license.
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