Chariot Oil & Gas - Eni secured as Drilling Partner offshore Morocco
CHAR Wed, 30 Mar 2016, 07:15am BST
Chariot Oil & Gas is an independent oil and gas exploration company focused on creating transformational stakeholder value through the discovery of material accumulations of hydrocarbons.
Industry: Oil & Gas
Contact: 020 7831 3113
19-21 Old Bond Street
Chariot Oil & Gas is pleased to announce that it has signed a farm-out agreement with Eni for the Rabat Deep offshore permits, Morocco. Eni will take a 40% equity interest and become Operator in return for a capped carry on drilling and contributions to future work programme commitments. This farm-out is a significant achievement in the current environment and Chariot is very pleased to have a world class explorer secure this interest, alongside its other partners Woodside and ONHYM. Retaining a 10% equity stake in the drilling of this well has the potential to create transformational value in the success case due to the large scale of prospective resources, excellent contract commercial terms and robust economics.