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June 29, 2021

Energean Israel awards drillship contract to Stena Drilling

The drilling programme will target the derisking of unrisked prospective recoverable resources of more than one billion boe.

By Archana Rani

Energean Israel has awarded Stena Drilling a contract to provide Stena Icemax drillship to support the drilling campaign offshore Israel.

The mobile offshore drilling unit (MODU), Stena IceMAX, will support Energean’s 2022-2023 drilling programme in the Mediterranean Sea, off Israel.

It will focus on de-risking of unrisked prospective recoverable resources of more than one billion barrels of oil equivalent (boe).

The contract includes drilling of three firm wells, namely Karish North development well, Karish Main-04 appraisal well and Athena Athena exploration well. It also includes two optional wells.

Energean plans to commence the drilling programme in 2022.

Work at the Karish North well, a key part of the Karish North development, includes re-entry, sidetracking and completion of the previously drilled Karish North well and completion as a producer.

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The Karish North development, which is planned to deliver first gas in second half of 2023, aims to commercialise 33 billion cubic meters (bcm) of gas and 31 million barrels (mmbbls) of liquids 2P reserves.

The Karish Main-04 well will target further prospective volumes within the Karish Main Block. It has an estimated total unrisked recoverable volumes of 166 mmboe.

Located in Block 12, the Athena well is anticipated to hold unrisked recoverable prospective resources of 20 Bcm of gas and four mmbbls of liquids.

Energean expects the successful result of Athena well could significantly de-risk approximately 90 bcm plus 19 mmbbls of remaining anticipated unrisked recoverable resources within Block 12 and Tanin.

Energean CEO Mathios Rigas said: “We are delighted to be working with Stena again; and this five-well programme follows the three-well development drilling programme and 243 mmboe Karish North discovery, all successfully executed with Stena over 2019 and 2020.

“Our five-well growth programme offshore Israel, commencing 1Q 2022, has the potential to double Energean plc’s reserve base with resource volumes that can be quickly, economically and safely monetised.

“Combined with first gas from our flagship Karish gas development project in mid-2022, the next 12-months are set to be truly transformational for Energean.”

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