Filenews 7 November 2022
A new discovery of natural gas, the 4th in the Sea of Israel, was announced on Monday morning on the London and Tel Aviv stock exchanges by Energean.
This is the commercially exploitable "Zeus" gas field in Block 12, estimated at 13.3 billion cubic meters (bcm) of usable natural gas, that is, it is greater than the initial estimates for 10 - 12 bcm. Energean is now analysing the data gathered from the drilling.
As mentioned by the company, the new quantities of natural gas in Israel can be used either to increase Energean's sales in the domestic market, or to export to Cyprus and with the prospect of liquefaction in a plant to be installed in Vasilikos, as well as for export to Egypt, through existing upgraded or new pipelines and liquefaction in the existing terminals of the country.
Mathios Rigas, CEO of Energean Group, stated:
"A few days after the start of production from the Karish deposit, I am particularly pleased that our drilling program, which is now characterized by 5 successful drillings, continues to add value to Energean, enhancing security of supply and competition in the region's energy market. We are now evaluating a number of potential commercial development options for the Olympus Region, focusing on both our existing and unique infrastructure for the Mediterranean, as well as possible new ones. In the first half of 2023, we are expected to move towards a new binding growth programme."
Independent appraiser DeGolyer & MacNaughton (D&M) certified for Energean potential reserves of 11.75 bcm in the Athena deposit, upgrading Energean's previous estimate of 8 bcm, following studies based on data collected during the drilling process.
The discovery of the "Zeus" deposit and the upgrade of the "Athena" deposit give Energean greater certainty about the natural gas quantities and marketability of the Olympus Area and, now, the company is proceeding with its development plan. Energean is expected to proceed with the final update on the total quantities of the Olympus Area in early 2023, based on the special report prepared by D&M.
It is noted that the Stena IceMax drilling rig has now been moved to Block 23 of the Sea of Israel, in order to proceed with drilling of the "Hercules" structure.
Source: Capital.gr
