Fossil Energy – Partnership
Chariot Transitional Energy from UK has signed Partnership Agreements with Energean, on the Lixus licence, where the Anchois gas development project is located, and the Rissana licence, both offshore Morocco.
The agreement provides Chariot with upfront consideration, deferred consideration & potentially a full carry to first gas, while retaining a material stake in the project.
Energean is a FTSE 250 company with a proven track record in successfully developing large offshore gas projects.
Adonis Pouroulis, CEO of Chariot: “In Energean, we have secured a partner with a proven track record of rapidly building and delivering this kind of offshore development. Energean also shares our view that Anchois and its surrounding acreage offers significant upside potential and we are aligned with our plans moving forward.”
“We are excited about the next phase of drilling which has the potential to both unlock significant additional resources and upsize the production profile. It is intended that this well will be used as a producer well when development commences. We retain a material stake in this basin opening opportunity where both parties are keen to optimise the project’s fundamentals, enable expansion and undertake further exploration. We also look forward to drilling on our Loukos Onshore licence which is anticipated to commence in early 2024.”