Page 10 - MEOG Week 19 2022

MEOG PROJECTS & COMPANIES MEOG

Energean makes Athena find offshore Israel

ISRAEL LONDON and Tel Aviv-listed Energean this to royalties payable to the original sellers of the
week announced a commercial gas discovery Karish and Tanin leases”, giving the concession’s
that it intends to tie back to facilities already gas sales an 8% revenue advantage compared to
being deployed to develop existing reserves. those assets.
In a regulatory notice to the London Stock Energean said the Athena discovery could be
Exchange (LSE), the company said that it had commercialised rapidly by tying it back to the
discovered 8bn cubic metres of recoverable gas Energean Power FPSO, which will be used for
– on a standalone basis – with its Athena explo- the development of Karish and Tanin. The vessel
ration well in the “A, B and C sands” of the off- is currently en route to the Eastern Mediterra-
shore Block 12. nean from the COSCO Marine shipyard in Sin-
The Athena well was drilled 20 km from gapore. Energean said last week that it remains
Energean’s main asset, the Karish gas field, which on track to achieve first gas from the field in Q3.
is estimated to hold 267mn barrels of oil equiv- The company’s CEO, Mathios Rigas, said:
alent of 2P reserves as well as another 37mn boe “We are delighted to announce this new gas dis-
of 2C resources. covery at Athena and the potential of the wider
The well was drilled in 51 days and came in Olympus Area. We are considering a range of
below the company’s $35mn budget. strategic commercialisation options both for a
Energean said the find was “particularly sig- standalone and wider Olympus Area develop-
nificant, as it de-risks an additional 50 bcm of ment, including domestic and multiple export
mean unrisked prospective resources across routes.”
Energean’s Olympus Area” which includes the Last week, Energean announced the signing
new find, undrilled prospects in Block 12 and of a gas sales and purchase agreement (GSPA)
the adjacent Tanin licence area. with Israel’s East Hagit Power Plant covering up
It added that the “economics of gas pro- to 0.8 bcm per year of flows over 15 years, for a
duced and sold from Block 12 are not subject total contract quantity of up to 12 bcm.™

P10 www. NEWSBASE .com Week 19 11•May•2022