Anglo-Greek Energy Exploration and Production Company Energian plc (LSE: ENOG; TASE: ENOG) has informed the Tel Aviv and London stock exchanges of a major discovery of natural gas in commercial quantities in Hermes exploration offshore Israel. The company says preliminary estimates indicate 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 detailed analysis of data collected by the well is continuing to make more accurate estimates of the amount of gas in the field and its commercial potential. The company says the discovery of Hermes also increases the likelihood of finding gas in the nearby structures of Poseidon and Orpheus.
Regarding its future drilling program, Energean added that the Stena IceMax drilling rig has now moved north to Israel’s offshore Block 12 to drill the Zeus structure in the Olympus area. Zeus contains approximately 10 to 12 BCM of risk-free raw prospective gas resources. The additional drilling will allow Energean to collect additional data to further refine resource estimates across the entire Olympus Zone, which the company says contains approximately 58 billion cubic meters of safely recoverable resources.
Energean also exercised its option to drill a sixth well with Stena Drilling Ltd. as part of its current offshore drilling campaign in Israel. 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 to bid for the rights to more offshore gas fields.
The latest gas discovery is in no way related to recent progress in talks on a maritime border agreement between Israel and Lebanon.
Published by Globes, Israel business news – en.globes.co.il – October 6, 2022.
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