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Alliance News

Energean Oil & Gas Makes Significant Gas Discovery Offshore Israel

Mon, 15th Apr 2019 09:51

LONDON (Alliance News) - Energean Oil & Gas PLC said Monday it has made a "significant" gas discovery at its Karish North exploration well, offshore Israel.

Shares in the oil and gas producer were up 10% in morning trade at 858.45 pence.

According to Energean, preliminary analysis indicates initial gas in place of between 1 trillion and 1.5 trillion cubic feet of gas.

The well reached an intermediate total depth of 4,880 metres about 7 days ahead of schedule. A gross hydrocarbon column of up to 249 metres was encountered and a 27 metre core was recovered to surface.

The initial phase of drilling is now completed and the company intends to focus on deepening the well to evaluate the hydrocarbon potential at the D4 horizon, it said.

"We are delighted to be announcing this significant new gas discovery at Karish North, which further demonstrates the attractiveness of our acreage offshore Israel. We are building the Energean Power FPSO with spare capacity, which will enable us to quickly, safely and economically develop both Karish North and future discoveries," said Chief Executive Mathios Rigas.

Rigas added: "We have already signed a contingent contract to sell 5.5 billion cubic metres of natural gas of this new resource, and our strategy is now to secure the offtake for remaining volumes. We continue to see strong demand for our gas, which we believe will be supported by today's announcement."

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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