(Alliance News) - FTSE 250-listed Energean Oil & Gas PLC on Thursday hailed the findings from a competent persons report at its Karish North offshore asset in Israel.
The report lifted the project's best estimate by 32% to 1.2 trillion cubic feet of gas and 39 million barrels of liquids.
Chief Executive Mathios Rigas said: "I am delighted that 2C resources at Karish North are some 32% ahead of where we had initially expected."
The report was compiled by petroleum consultants DeGolyer & MacNaughton.
Energean added: "D&M's estimates are based on the results of the Karish North exploration and appraisal campaigns that were completed in 2019, coupled with an analysis of the recently re-processed and re-calibrated 3D seismic. The uplift in resource volumes largely results from the new conclusion that the Karish East structure is a part of the Karish North and Karish North-East structures, which were included in Energean's original resource estimates."
Shares in the company were 2.8% higher at 770.00 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Energean Oil & Gas (ENOG)