Energean expands in Morocco with development of natural gas fields

Energean (LSE: ENOG, TASE: אנאג) is expanding into a new country in the Mediterranean, as it acquires a stake and the management of Chariot Limited’s offshore fields in Morocco. This is, in particular, the development of the Anchois field, which contains 18 billion cubic meters of natural gas, as well as important research targets. The expansion in Morocco is part of Energean’s strategy to become a leading independent exploration and production company in the Mediterranean, with a focus on high-quality natural gas fields.

The new map of Energean

The main points of the agreement:

• Energean acquires 45% in the Lixus licence, with the prospect of reaching 55% depending on drilling results, as well as 37.5% in the Rissana licence, while acting as Operator.
• The agreement includes the development of the exploitable Anchois field, which contains 18 billion cubic meters of natural gas, and which is located close to infrastructure for the supply of natural gas to the Moroccan market, but also to international markets.
• The price is 10 million dollars.
• Confirmation drilling is planned within 2024, targeting an additional 11 billion cubic meters of prospective resources to be tapped through the development of Anchois.
• The licenses identify additional significant exploration targets, which are located close to proven deposits and infrastructure and which are expected to add attractive and risk-balanced potential for further development.

Lixus and Rissana licenses in Morocco

Dr..Leila Benali, Minister of Energy Transition and Sustainable Development of Morocco, commented:

“This agreement is decisive for the wider maritime area on the Atlantic coast of Morocco, a key energy asset for the Kingdom. We welcome Energean to these licenses, as the significant investments to be made will make a significant contribution to the exploitation of the country’s resources and our ambitious energy strategy.”

Ms. Amina Benkhadra, Director General of the National Office of Hydrocarbons and Minerals of Morocco, commented on this:

“I would like to congratulate both sides for signing this agreement. The discovery and intensive work that has been carried out to date has created an excellent background on which the development of the project is possible and this collaboration will now be decisive in its financing and its passage to the next phase. We look forward to working with Energean and Chariot to bring the project to natural gas production.”

Mr. Mathios Rigas, CEO of the Energean group, commented on this:

“It’s a step we’re excited about in the next stage of Energean’s development, one that reinforces our leadership position as an independent gas producer listed on the London Stock Exchange. These licenses are particularly attractive as we understand the important geological, commercial and political parameters in the region and have significant experience in developing natural gas with a focus on local markets. In addition, they fit perfectly into our broader portfolio, without overlooking the possibility of selling the additional quantities of natural gas in other markets. We look forward to working with our new partners, Chariot and the Moroccan National Office of Hydrocarbons and Minerals, and developing these outstanding resources for the benefit of all involved and, of course, the country and the Moroccan people.”

Mr. Adonis Pouroulis, CEO of Chariot, commented:

“By working with Energean we secure a partner with a proven track record in rapid design and implementation in

similar marine developments. Energean also shares our assessment that Anchois and the surrounding areas offer significant potential and thus our plans for continuity are in line. This new collaboration is a decisive step in the realization of the development of the Anchois field and we look forward to continuing the intensive work to reach the Final Investment Decision”.