UK-Greek energy exploration and production company Energean plc (LSE: ENOG; TASE: ENOG) has notified the Tel Aviv and London stock exchanges about a major discovery of natural gas in commercial quantities in the Hermes exploration offshore from Israel. The company says that preliminary estimates indicate that the structure contains between 7 and 15 billion cubic meters (BCM) of recoverable natural gas resources. Hermes is located southeast of the Karish field, to which it holds the production rights.
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Energean said that detailed analysis of the data collected by the well is continuing in order to make estimates of the amount of gas in the field and its commercial potential more accurate. The company says that the Hermes discovery also increases the likelihood of finding gas in the nearby Poseidon and Orpheus structures.
Regarding its future drilling program, Energean added that the Stena IceMax drilling rig has now moved north back to Israel’s offshore Block 12 to drill the Zeus structure in the Olympus area. Zeus contains an estimated 10 -12 BCM of gross prospective un-risked gas resources. The additional drilling will allow Energean to gather additional data to further refine resource estimates in the entire Olympus area, which the company estimates contains about 58 BCM of un-risked recoverable resources.
Energean has also exercised its option to drill a sixth well with Stena Drilling Ltd. as part of its current Israel offshore drilling campaign. This well will target the Hercules prospect, located in Block 23, which is further east and closer to the Israeli coast than the Olympus and Hermes prospects.
Energean CEO Mathios Rigas told “Globes” earlier this year that Energean plans bidding for the rights to more offshore gas fields.
The latest gas discovery is in no way connected to the recent progress in talks on a martime border agreement between Israel and Lebanon.
Published by Globes, Israel business news – en.globes.co.il – on October 6, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
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