(Alliance News) - Energean PLC on Thursday said that Karish North, its production well in the Levantine Basin, has achieved first gas.
According to the Mediterranean-focused hydrocarbon exploration and production company, the Karish North production well is now using the second gas export riser, which was first installed in December.
This means that the Energean Power FPSO - short for floating, production, storage and offloading - now has four production wells in operation.
Also on Thursday, the firm said that Energean Israel has signed a new gas sale and purchase agreement with Eshkol Energies Generation Ltd for the supply of an initial 0.6 billion cubic metres a year, rising to 1 billion cubic metres a year from 2032 onwards.
The agreement is for a term of 15 years, for a total contract quantity of 12 billion cubic metres, representing around USD2 billion in revenue over the whole term.
Energean shares were trading 5.7% higher at 1,035.00 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News reporter
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Energean Oil & Gas (ENOG)