Chariot Oil & Gas Investments has signed an agreement to sell 40% equity interest in the Rabat Deep offshore licence in Morocco to Eni’s subsidiary.

Eni will also acquire operatorship of the offshore exploration permits and carry Chariot in a deepwater well on the JP-1 prospect.

Once the agreement concludes, Eni will own 40% equity interest in Rabat Deep and operate it, while Woodside will have 25% interest, Chariot 10% and Office National des Hydrocarbures et des Mines (ONHYM) 25%.

"The licence area is located 30km offshore in water depths ranging from 150m to 3,500m."

The licence area is located 30km offshore in water depths ranging from 150m to 3,500m.

The JP-1 prospect has been described after carrying out detailed processing and interpretation of 3D seismic data.

Any success in drilling of the prospect is expected to materially derisk other targets and offer significant follow-on exploration potential in both Rabat Deep and the neighbouring Mohammedia permit.

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Completion of the agreement is subject to approval of Moroccan authorities and various conditions precedent.

Chariot Oil & Gas CEO Larry Bottomley said: "We are very pleased to have signed this farm-out agreement with Eni as the future operator of our Rabat Deep acreage.

"We look forward to working with them and our other partners, Woodside and ONHYM, to progress to drilling the JP-1 prospect, which subject to the relevant approvals, well planning and securing a drill rig, we anticipate to occur in 2017."