Highlights
Commercial discovery made by the Athena exploration well, Block 12, in the A, B and C sands. Preliminary analysis indicates that the Athena discovery contains recoverable gas volumes of 8 bcm (283 bcf / (51 mmboe) on a standalone basis.
This discovery is particularly significant as it de-risks an additional 50 bcm (1.8 tcf / (321 mmboe) of mean unrisked prospective resources across Energean's Olympus Area (total 58 bcm/372mmboe including Athena).
The Olympus Area is Energean's newly defined area which includes Athena, plus the undrilled prospects on Block 12 and the adjacent
Athena can be commercialized in the near-term via tie-back to the Energean Power FPSO, enhancing the profitability of the Karish-Tanin development. Alternatively, it could form part of a new Olympus Area development.
Energean is therefore actively pursuing development options for the commercialisation of the wider Olympus Area, (potentially including Athena), such as: Further domestic Israeli gas sales: New Gas Sales and Purchase Agreements ('GSPA') underpinned by the continued growth of the Israeli power market
Spot sales
Export options
Developing the Memorandum of Understanding ('MoU') signed with
Exports to other regional and European markets via pipeline and LNG via
The economics of gas produced and sold from Block 12 are not subject to royalties payable to the original sellers of the Karish and Tanin leases, leading to an approximate 8% increase in revenue for the same volumes sold, when compared with the Karish and Tanin discoveries
'This discovery and the broader de-risking of a number of prospects in the Olympus Area reaffirms the role of the East Mediterranean as a global gas exploration hotspot. It strengthens our commitment to provide competition and security of supply to the region, enables the optimisation of our
Contact:
Tel: +202 2785 0023
Fax: +202 2591 8044
(C) 2022 Electronic News Publishing, source