(Alliance News) - Energean PLC said on Monday it extended its growth drilling programme by exercising options to drill two furthers wells with Stena Drilling Ltd.
The first well will target the Hermes prospect, located in Block 31 in Israel, and is expected to spud in August.
The target for the second well is still under consideration and will be largely contingent on the results of the Hermes well, the oil and gas company explained.
"The exercise of these options, will help us to reach our target to double our Israel gas resource base in order to also export to the broader region of the Eastern Mediterranean and beyond," said Chief Executive Mathios Rigas.
Energean also confirmed that the drilling of the KM-04 appraisal well on the Karish lease in Israel has been safely and successfully completed. It was completed 15 days ahead of schedule and USD9 million below budget.
Additional analysis will now be undertaken to further refine reserve volumes and the liquid-to-gas ratio across the Karish lease, the company said.
Shares in Energean were down 1.7% at 1,191.00 pence each on Monday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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