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    Energean extends Israeli drilling campaign after Athena success

Summary

The decision was made in light of Energean's success at the Athena well last month.

by: NGW

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Energean extends Israeli drilling campaign after Athena success

London-listed Energean announced on June 2o it was extending its 2022 drilling campaign off Israel, exercising options with Stena Drilling for two more wells in light of its Athena gas discovery last month.

Energean reported the Athena find at Block 12 on May 9, estimating its size at 8bn m3 of recoverable gas. It is considering bringing the discovery into production either on a standalone basis or as part of the wider Olympus Area development.

The first of the extra wells will target Tamar A sands at the Hermes prospect at Block 31, and is expected to be spudded in August, Energean said. It is yet to decide on the target for the second well, and this will largely be dependent on results at Hermes.

Energean also confirmed the completion of the KM-04 appraisal well, 15 days ahead of schedule and $9mn below its budget, coming in at a cost of $36mn. The well encountered gas, associated liquids and an oil rim. Energean is undertaking further analysis to update its reserves numbers, it said.

Ahead of spudding the Hermes well, the Stena IceMAX rig will now move on to sink the next development well at the Karish field, which is on track to come online in the third quarter. The project's floating production storage and offloading vessel arrived in Israel earlier this month.