ATHENS, Greece – Energean has issued updates (Results For Half Year Ended 30 June 2019) on its development and exploration campaigns in the eastern Mediterranean Sea.
The main project is the Karish/Tanin gas development offshore Israel, where the drillship Stena DrillMAX recently completed drilling of two of the Karish Main wells.
In both cases, the outcome was positive, with a 45-m (147-ft) gross gas column encountered in the D-sands interval. Also, fluid samples from the main reservoir indicate a higher than foreseen condensate ratio.
Drilling of the final well in the program, Karish Main-01, is under way and this is expected to finish during 4Q. The three wells will deliver an initial 4.3 bcm of gas sales into the Israeli domestic market.
Later this year the FPSO hull is due to sail from China to Singapore.
In July, Israel’s Petroleum Council awarded Energean and Israel Opportunity – Energy Resource four new offshore licenses (55, 56, 61, and 62) for block D, 45 km (28 mi) from the coast.
Energean has already identified a prospect analogous to the prolific Tamar Sand fields found in the Karish, Tamar, and Leviathan fields. The prospect appears to extend toward the southwest of the license.
There is also a relatively shallow Mesozoic four-way dip closure prospect.
At the Prinos/Epsilon area fields off western Greece, the company produced 3,920 b/d of oil during the first half of the year.
However, in light of its recent proposed acquisition of Italy’s Edison E&P, the company is reconsidering its capital allocation and has decided to store the drilling rig Energean Force in Philippos port, with planned near-term rig activities in the Prinos area now shelved.
But the Epsilon Lamda development is progressing with the platform set to be installed in the first half of 2020 followed by first oil next summer.
Pre-drilling of the second well has been completed for the Epsilon platform development, and results from both wells will likely lead to an upward revision of in-place resources.
Also, off western Greece, the company has completed legacy 3D seismic re-processing over the Katakolo permit in parallel with its application for the necessary environmental permits.
There appears to be upside to previous in-place volumes, but Energean will wait on the verdict of a competent persons report before deciding whether to farm down or take a final investment decision.
Processing and interpretation continue of a 3D seismic survey acquire offshore Montenegro early this year.
