Energean hits gas offshore Israel

Israel

JERUSALEM, November 8, 2022 – Energean has made a commercial gas discovery of 13.3 bcm (470 bcf) of recoverable gas reserves at the offshore Zeus-01 exploration well in Israel, the London-based E&P company announced on Monday.

The discovery on Block 12 was higher than pre-drilling estimates of between 10 bcm (353 bcf) and 12 bcm (424 bcf).

The Stena IceMax drilling rig has moved from Block 12 to Block 23 to drill the Hercules structure as the final part of the company’s 2022 drilling campaign.

The Olympus area includes the Zeus, Hercules and Athena plays.

Energean also published a revised estimate of the Athena discovery, with certified contingent resources of 11.75 bcm (415 bcf) compared to the company’s 8 bcm (283 bcf) preliminary estimate.

A full update of the company’s discovered resources will be published in early 2023 carried out by reserve auditor DeGolyer & MacNaughton.

Energean is now moving towards its field development plan for the area, which is expected to be complete in H1 2023.

“I am pleased that our drilling programme, which has now delivered five successful wells from five, continues to deliver value, ensuring security of supply and energy competition across the region,” said Mathios Rigas, CEO of Energean.

Energean holds interest in eight exploration blocks in Israel, with 100% stake in blocks 12, 21, 23 and 31 and an 80% share in blocks 55, 56, 61 and 62.

In May 2022, Energean signed a sales and purchase agreement worth up to USD 2 billion to deliver gas to the East Hagit power plant in Israel from its offshore Karish project.