Energean Intends to Drill Karish North Well Before End-March 2019
Energean Oil and Gas plc announced Monday that it intends to drill an exploration well in the Karish North prospect, offshore Israel, before end-March 2019.
The Karish North prospect, which is located within Energean’s Karish lease, will be drilled immediately prior to a three well development of the adjacent Karish Main field, Energean said in a company statement. Gross drilling costs are expected to be between $15 million and $25 million.
“We view Karish North as an attractive near-field exploration opportunity offshore Israel that could deliver significant upside alongside our existing Karish development, for which we have already signed 12 gas contracts and secured 4.2 BCMA [billion cubic meters per annum] of supply over an average period of 16 years,” Mathios Rigas, CEO Energean Oil & Gas, said in an Energean statement.
“The goal of the exploration work is to identify further easy-to-commercialize resources in the region,” he added.
The Karish lease is 100 percent owned and operated by Energean Israel Ltd, which is 70 percent owned by Energean.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.