Energean via www.timesofisrael.com
The Energean company has announced to the London and Tel Aviv stock exchanges that it has discovered a new commercial gas source in Israeli waters which contains approximately 7 to 15 billion cubic metres of natural gas.
The gas was discovered by Energean’s Hermes exploration well in Israeli waters, located in the southeast of the Karish fields. Energean is UK-Greek company which holds production rights in the area. The company has now moved its Stena IceMax drilling rig to an area known as Olympus and hopes further exploration could theoretically discover another 58 billion cubic metres of natural gas.
According to Energean’s statement it will exercise its rights to drill a sixth well, with all its blocks for drilling located within Israeli borders and will remain south of another maritime area which I currently disputed between Israel and Lebanon. The Karish and Tanin gas fields contain around 75 billion cubic metres of natural gas and Israel only annually consumes around 12 billion metres. Energean said it yet remains impossible to place a price estimate on the discovery, as it is unclear how much of the well is natural gas and how much is liquid condensate, a similar product to light crude oil.
