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Chariot Oil & Gas assigns drilling rig for Moroccan offshore well

EBR Staff Writer Published 08 September 2017

Chariot Oil & Gas has assigned a drilling rig for its upcoming Rabat Deep (RD-1) well, which will target the JP-1 prospect in Morocco.

The operator of Rabat Deep offshore licence Eni has secured Saipem 12000, a sixth generation ultra-deepwater drillship for the drilling programme. This programme will include a one-well drilling slot in Rabat Deep Offshore in Morocco.

At present, the rig is expected to arrive at the location in the latter part of next year’s first quarter and the drilling of the RD-1 well on the JP-1 prospect will start shortly thereafter.

In Rabat Deep Offshore licence, while Eni holds 40% stake, Woodside own 25%, and ONHYM 25%, Chariot has 10% stake.

Chariot Oil & Gas CEO Larry Bottomley said: "We are pleased to see Eni progress operations on the Rabat Deep Offshore acreage and secure the high-performance Saipem 12000 drillship to drill the JP-1 prospect, one of Chariot's priority targets.

“JP-1 has the potential to create transformational value in the success case due to the large scale prospective resources, excellent commercial contract terms and robust economics. Success will also materially de-risk other targets we have identified within our neighbouring Mohammedia and Kenitra permits in which Chariot holds a 75% interest."

The Rabat Deep Offshore licence region is located about 30km offshore in water depths ranging between 150m and 3500m. Back in 2014, Chariot sold its stake in the Rabat Deep to Australia’s Woodside, which acquired 25% of working interest in the licence for paying all back costs and some additional future technical work.

In last March, Chariot also entered into an agreement to sell a 40% stake and operatorship in Rabat Deep to Eni. In return, Chariot will benefit from a carry to an agreed cap above estimated drilling costs on the JP-1 prospect.