Energean Oil and Gas plc (LSE: ENOG; TASE: ENOG) has raised its estimate of the amount of energy resources in the Israeli offshore Karish North field by 32%. The British-Greek energy company announced the completion of an independent Competent Persons Report (CPR) by DeGolyer and MacNaughton (D&M), which found 33.7 billion cubic meters (BCM) of natural gas in the offshore Israeli field and 39 million barrels of oil, which is 250 million barrels of oil equivalent (80% of which is gas).
Energean said that its total resources in the Karish, Tanin and Karish North fields are now estimated to be almost 99 BCM of gas, and 82 million barrels of oil, which is 698 million barrels of oil equivalent.
Energean CEO Mathios Rigas said, "I am delighted that 2C resources at Karish North are some 32% ahead of where we had initially expected. This has enabled us not only to convert 0.6 BCM annually of contingent contracts into firm, but also to continue targeting additional gas sales opportunities that will be incremental to the 5.6 BCM annually of firm gas sales that we now expect to deliver on plateau. We are very pleased to be developing a world-class gas resource of 700 million barrel of oil equivalent and look forward to more gas discoveries in our acreage in Israel and the wider Eastern Med region."
Energean said it will submit an addendum to its Field Development Plan for Karish North to Israel’s Ministry of National Infrastructures, Energy and Water Resources.
Energean's share price rose 9.75% on the London Stock Exchange today to £822, giving a market cap of £1.456 billion.
Published by Globes, Israel business news - www.globes-online.com - on April 9, 2020
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