Energean to Drill More in Greece and Israel

UK-based international oil and gas exploration and production company Energean Oil & Gas said that it is on track to achieve first gas from the Karish-Tanin project off the coast of Israel in the first quarter of 2021.

The company with operations offshore Israel, Greece and the Adriatic said in a stock exchange announcement that it has scheduled first steel cut on the Karish - Tanin FPSO for 26 November 2018.

Karish development drilling will immediately follow the Karish North well. Three development wells will target Karish Main with completion expected by 2019 year end.

Energean is targeting 2.3 Tcf gas and 31 million barrels liquids gross prospective resources with a high probability of success through the 2019 Israeli drilling programme.

"We are aiming to fill the 3.8 BCM per annum (bcma) of FPSO spare capacity in the medium term and have identified strong incremental demand for gas with future sales contracts targeting growing domestic and regional export markets," it said.

Mathios Rigas, CEO of Energean said: “Our developments are on schedule and we have an active programme of drilling in both Israel and Greece in the months ahead, targeting significant increases in prospective resources and production."

"We are seeing strong incremental demand for our gas and aim to prove up enough resources to fill the 3.8 bcma of spare capacity in our 8 bcma FPSO. Future gas sales agreements will focus on both further contributing to security and diversity of supply in the Israeli markets as well as targeting key regional export markets,” Mathios added.

Energean sees strong incremental demand for its gas and future gas sales contracts will target both the growing domestic and key regional export markets. Over the medium term, Energean aims to prove up enough resource to fill the remaining 3.8 bcma of spare capacity in its 8 bcma FPSO and fulfil this additional demand.

Prinos produced 4.0 kbopd in 3Q 2018 with production in the 9 months to 30 September 2018 averaging 3.9 kbopd. Energean maintains its Full Year 2018 guidance at 4.0 – 4.25 kbopd.