ATHENS, Greece — Energean has confirmed a commercial gas discovery in its Athena exploration well in the eastern Mediterranean Sea offshore Israel.The Stena IceMAX drillshipdrilled the well in 1,769 m (5,804 ft) of water on Block 12, encountering a gross 156-m (512-ft) hydrocarbon column in the A, B and C sands. Early analysis suggests 51 MMboe recoverable on a standalone basis; the well has been suspended as a future producer.
Further analysis will follow to determine the full resource potential, including volumes contained within thinner sands between the main reservoir units.
According to Energean, the result also de-risks an additional 321 MMboe of prospective resources across the newly defined Olympus Area. This encompasses Athena, the undrilled prospects on Block 12 and others on the adjacent Tanin Lease, all on the same geological trend.
The company will seek a near-term tieback of Athena to its Energean Power FPSO, 20 km (12.4 miles) away. This could either enhance the profitability of the Karish-Tanin gas-condensate fields development or form part of a new Olympus Area development.
Energean plans to pursue further domestic Israeli gas sales agreement and export options, developing the memorandum of understanding signed with The Egyptian Natural Gas Holding Co. for the supply of up to 3 Bcm/year into a binding agreement.
Other options are exports to regional and European markets through pipelines, and LNG via Cyprus and/or Egypt.
The Stena IceMAX has moved to the Karish Main-04 appraisal well, with the top hole already drilled. It will then complete the Karish North development well.
Energean will decide whether to drill the optional Hermes and/or Hercules exploration wells by mid-year.