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    Energean secures rig for Israeli campaign

Summary

The campaign includes three firm and two optional wells.

by: Joseph Murphy

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Energean secures rig for Israeli campaign

London-listed Energean has secured a drilling rig from Aberdeen-based Stena Drilling for a well campaign off Israel due to commence in early 2022, the company said on June 28.

The campaign includes three firm wells and two optional ones, targeting 1bn barrels of oil equivalent in unrisked prospective recoverable resources, Energean said. The first firm well will be spudded in early 2022.

The Karish North development well will exploit the Karish North field, which Energean signed off on developing in January. Stena's rig will re-enter, sidetrack and complete a previously drilled well, converting it into a producer. The well is on track to start production in the second half of 2023, commercialising 33bn m3 of gas and 31mn barrels of liquids in proven and probable reserves, Energean said.

The Karish Main-04 appraisal well will target other prospects within the Karish Main block, containing up to 166mn boe of unrisked recoverable resources, including a potential oil rim. The Athena exploration well at Block 12 will target 20bn m3 of gas and 4mn barrels of liquids in unrisked recoverable prospective resources. It is situated directly between Energean's Karish and Tanin leases.

"Our five-well growth programme offshore Israel, commencing Q1 2022, has the potential to double Energean plc's reserve base with resource volumes that can be quickly, economically and safely monetised," CEO Mathios Rigas said in a statement. "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."