Energean Makes Another Gas Discovery Off Israel

Energean Makes Another Gas Discovery Off Israel
Energean has made a commercial gas discovery at the Zeus prospect in the Mediterranean Sea offshore Israel.

Oil and gas company Energean has made a commercial gas discovery at the Zeus prospect in the Mediterranean Sea offshore Israel.

Energean said that, aside from the discovery, it upgraded contingent resources at Athena discovery, also in Israel, following post-well analysis.

According to the company, the Zeus exploration well, located in block 12 off Israel, is a commercial discovery with preliminary estimates indicating that the structure contains 470 billion cubic feet of recoverable natural gas resources.

This beat the pre-drill estimate which believed that Zeus would hold somewhere between 353 and 423 billion cubic feet. Energean is now undertaking a post-well analysis of the data collected during drilling.

As for Athena, Energean’s reserve auditor DeGolyer & MacNaughton certified contingent resources of 415 billion cubic feet in the discovery. This is an increase of 132.4 billion cubic feet on the company’s initial preliminary estimate. This increase follows post-well studies undertaken on data collected during the drilling process.

“The results from the Zeus well and the Athena post-well analysis provide Energean with additional confidence about the volumes and commerciality of the Olympus area, and the company is now progressing with its field development plan. Energean expects to update the market on the total resource volumes within the Olympus area, considering the uplifted volumes in both Zeus and Athena, in early 2023,” Energean stated.

The Stena IceMax, which was used to drill the Zeus well, has now moved to block 23 to drill the Hercules structure, where the Miocene gas prospect will be targeted.

“Following the start of production from our Karish reservoir last week, I am pleased that our drilling program, which has now delivered five successful wells from five, continues to deliver value, ensuring the security of supply and energy competition across the region. We are evaluating several potential commercialization options for the Olympus area that leverage both new and our existing, unique Med-based infrastructure, and we expect to commit to a development concept in 1H 2023,” Mathios Rigas, CEO of Energean, said.

In recent company news, Energean made a commercial gas discovery in the Hermes exploration well offshore Israel in early October. This well preceded the Zeus well drilling. According to Energean, the Hermes resource estimate is somewhere between 250 and 530 billion cubic feet.

Also, the company delivered first gas from its Karish field offshore Israel in late October. Gas is being produced from the Karish Main-02 well while the Karish Main-01 and Karish Main-03 wells will be opened by the end of November.

To contact the author, email bojan.lepic@rigzone.com


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