Energean makes new discovery at Karish North

Mediterranean focused firm Energean Oil and Gas has announced a new gas discovery at Karish North.

Described as a “significant discovery”, initial gas estimates place the find between 1 Tcf (28 Bcm) and 1.5 Tcf (42 Bcm).

Energean said drilling of the initial phase of the Karish North well is now complete.

The firm will now deepen the well to evaluate hydrocarbon potential at the D4 horizon.

Once operations are completed on Karish North, the Stena DrillMAX will return to drilling the three Karish Main development wells. Following this four well programme, Energean has six drilling options remaining on its contract with Stena Drilling.

The Karish North discovery will be commercialised via a tie-back to the Energean Power FPSO, which is located 3.3 miles from the Karish North well.

Mathios Rigas, CEO of Energean said: “We are delighted to be announcing this significant new gas discovery at Karish North, which further demonstrates the attractiveness of our acreage offshore Israel.

“We are building the Energean Power FPSO with spare capacity, which will enable us to quickly, safely and economically develop both Karish North and future discoveries.

“We have already signed a contingent contract to sell 5.5 bcm (0.2 Tcf) of this new resource, and our strategy is now to secure the offtake for remaining volumes.

“We continue to see strong demand for our gas, which we believe will be supported by today’s announcement.”
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