Chariot Oil & Gas Limited has unveiled a deal with Italian major Eni to sell the majority of its stake in the Rabat Deep exploration project, offshore Morocco, Proactive Investors reported. Eni has taken a 40% stake in the Rabat Deep exploration project, leaving Chariot with 10%. In addition, Woodside Petroleum Ltd. and Morocco’s state-owned Office National des Hydrocarbures et des Mines has 25% of the stake each, according to Oil&Gas Journal. In return it will pay Chariot’s share of costs for the proposed JP-1 exploration well, anticipated in 2017. The Italian group will lead future work at Rabat Deep as the project operator.

As Oil Voice further informed, the Rabat Deep Offshore license area is located approximately 30km offshore in water depths ranging from 150m to 3,500m. The JP-1 prospect has been described following detailed processing and interpretation of 3D seismic data as a large, four-way dip closed structure of approximately 200 sq km areal extent, with Jurassic carbonate primary reservoir objectives.

Additionally, Eni agreed to cover other geological and admin costs in Rabat Deep’s next license period and it will also pay some contribution to Chariot’s investments in the project to date.