Energean takes up option on near-Karish wildcat offshore Israel

Energean Oil and Gas plc has committed to drill an exploration well on the deepwater Karish North prospect offshore Israel before the end of next March, pending approvals.

Offshore staff

ATHENS, GreeceEnergean Oil and Gas plc has committed to drill an exploration well on the deepwater Karish North prospect offshore Israel before the end of next March, pending approvals.

This will be the first of seven optional wells to be performed by Stena Drilling under a long-term contract.

Karish North, in the Karish lease, will be drilled prior to the three-well development of the adjacent Karish Main field.

Energean estimated drilling costs in the range of $15-25 million, with a competent persons report assessing the prospect’s prospective resources at 1.2 tcf of natural gas and 14 MMbbl of light oil.

The mainKarish field FPSO is under construction, with a designed gas production and processing capacity of 8 bcm/yr.

Energean Israel has sold 4.2 bcm/yr of currently discovered gas volumes to various customers, leaving roughly 4 bcm/yr of excess FPSO capacity available for the potential tieback of future discoveries in the area.

The company retains the option to drill further exploration wells on completion of the development well campaign. These include the Karish East prospect in the Karish lease and Prospect 4 in the block 12 exploration license, awarded late last year under thefirst Israeli offshore bid round.

06/26/2018

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