Energean (LSE: ENOG TASE: ENOG) has declared a fuel discovery at business portions in the drilling it carried out in the Athena exploration properly in its Block 12 license. The corporation suggests that preliminary analysis indicates that the Athena discovery is made up of recoverable gas volumes of 8 BCM.

According to the firm, this discovery is significantly important as it de-risks an extra 50 BCM of imply unrisked prospective resources throughout Energean’s Olympus Region, offering a whole of 58 BCM which include Athena.

The Olympus Area is Energean’s newly defined spot which features Athena, as well as the undrilled prospective buyers on Block 12 and the adjacent Tanin Lease.

The discovery represents a major addition to the verified quantity of gasoline identified in Israel’s Financial Zone, bringing the overall to some 800 BCM.

Energean is now contemplating several opportunities for commercializing the gasoline in the Olympus Area, among them additional domestic Israeli fuel sales, in the sort of new Gas Revenue and Buy Agreements (GSPA) underpinned by the continued expansion of the Israeli power current market or spot sales and export selections, this kind of as acquiring the Memorandum of Being familiar with signed with The Egyptian Organic Gas Holding Corporation (EGAS) for the supply of up to 3 BCM every year into a binding settlement, and exports to other regional and European markets by means of pipeline and LNG via Cyprus and/or Egypt. “Globes” noted past 7 days on talks with the EU and the joint groups set up to study the chance of gas product sales to Europe as it seeks to decrease its dependence on Russian fuel.

Energean factors out that gasoline generated and marketed from Block 12 is not issue to royalties payable to the first sellers of the Karish and Tanin leases that the company retains, main to an approximate 8% maximize in earnings for the identical volumes bought in comparison with the Karish and Tanin discoveries.

Energean CEO Mathios Rigas mentioned, “We are delighted to announce this new gasoline discovery at Athena and the possible of the broader Olympus Spot. We are considering a assortment of strategic commercialization selections the two for a standalone and broader Olympus Place advancement, such as domestic and many export routes.

“This discovery and the broader de-jeopardizing of a selection of prospects in the Olympus Location reaffirms the part of the East Mediterranean as a global gas exploration hotspot. It strengthens our dedication to supply competitors and safety of source to the location, allows the optimization of our Israel portfolio and fulfils a person of our critical milestones for 2022.”




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Energean’s share price tag is up 2.12% on the Tel Aviv Inventory Exchange this early morning.

Revealed by Globes, Israel business information – en.globes.co.il – on May well 9, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


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