Significant New Gas Discovery at Karish North - ENERGEAN OIL & GAS

London, 15 April 2019 - Energean Oil and Gas plc (LSE: ENOG, TASE: אנאג) the oil and gas producer focused on the Mediterranean, is pleased to announce that the Karish North exploration well has made a significant gas discovery.

Preliminary analysis indicates:

• Initial gas in place estimates of between 1 Tcf (28 Bcm) and 1.5 Tcf (42 Bcm).
• High quality reservoir in the B and C sands.

The well reached an intermediate TD of 4,880 meters approximately 7 days ahead of schedule. A gross hydrocarbon column of up to 249 meters was encountered and a 27 meter core was recovered to surface. Further evaluation will now be undertaken to further refine resource potential and determine the liquids content of the discovery.

Drilling of the initial phase of the Karish North well is now complete. As planned, Energean will now deepen the well to evaluate hydrocarbon potential at the D4 horizon.

Once operations are completed on Karish North, the Stena DrillMAX will return to drilling the three Karish Main development wells. Following this four well programme, Energean has six drilling options remaining on its contract with Stena Drilling. 

The Karish North discovery will be commercialised via a tie-back to the Energean Power FPSO, which is located 5.4km from the Karish North well. The FPSO is being built with total processing and export capacity of 8 Bcm/yr (775 mmcf/d), which will enable Karish North, and future discoveries, to be monetised. 

Energean signs additional Gas Sales and Purchase Agreement for Karish and Tanin - ENERGEAN OIL & GAS

London, 2 January 2019

Leviathan off the starting blocks - IN CYPRUS / CYPRUS WEEKLY

March 5, 2017
Charles Ellinas

Phase 1A of the Leviathan gasfield is finally off the starting blocks. Noble Energy and its partners reached FID on 23 February for Phase 1A, which involves the production of 12bcm/yr starting end of 2019. This can only be seen as positive news for the Leviathan partners and the Israeli gas market.

Leviathan was discovered in 2010 and it is estimated to hold 622bcm of recoverable gross natural gas resources. It is owned by Noble Energy with 39.66%, Delek Drilling with 22.67%, Avner with 22.67% and Ratio with 15%.

In the following, I analyse the FID decision, describe the deal and its potential impact on Energean and discuss the implications on East Med gas.

Development of Leviathan - IN CYPRUS / CYPRUS WEEKLY

December 4, 2016
By Charles Ellinas

Delek announced at the Tel Aviv Stock Exchange that it had signed a commitment letter securing up to $1.75 billion in financing from JPMorgan and HSBC for Phase 1A of the Leviathan development.

Ratio Oil sold new debt and equity earlier this year, raising about a third of its $600-million share of the project. Noble Energy has only raised part of its portion of the financing, expected to be about $1.6bn, and is looking to sell 10% of its Leviathan holding to support this.

The total estimated Phase 1A development cost is $4bn.

This, coupled with changes in Turkey’s energy strategy to diversify away from gas, may have profound effects on the future of East Med gas.

Discounted Cash Flow Report for the Leviathan Leases - DELEK GROUP

Tel Aviv, November 3, 2016. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that further to section 1.7.5 (I) of the Company's periodic report as at March 31, 2016, as revised and published on May 30, 2016 (Ref. No. 2016-01-037758) (the "Periodic Report") concerning the Leviathan Project resources within the North Leviathan I/14 and South Leviathan I/15 Leases ("the South Leviathan Lease" and " the North Leviathan Lease", respectively) (the South Leviathan and North Leviathan Leases will be referred to below as: "Leviathan Leases" or "Leviathan Reservoir" or "Leviathan Project"), to section 1.7.13 (1)J(3) of the Periodic Report 

with regard to the agreement for the supply of natural gas from the Leviathan Project to Edeltech Ltd., to the Immediate Report issued by the Company on May 29, 2016 (Ref. No. 2016-1-036867) concerning the Leviathan Project partners’ engagement in an agreement for the supply of natural gas from the Leviathan Project to IPM Beer Tuvia Ltd., to the Immediate Report issued by the Company on June 2, 2016 (Ref. No. 2016-1-043794) 

Steinitz says Israel will soon find ‘as much as four Leviathans’ worth of gas in new fields - THE JERUSALEM POST

Yuval Steinitz at the Jerusalem Post's Diplomatic Conference.
(photo credit:Courtesy)

By MICHELLE MALKA GROSSMAN \ 06.17.2016 | 11 Sivan, 5776

The next step, Steinitz said during a panel discussion, is to develop the natural gas market and integrate it into the larger geopolitical picture.
Although the past year has been challenging with setbacks in developing the Leviathan offshore gas reservoir, National Infrastructure, Energy and Water Minister Yuval Steinitz said Thursday that Israel was planning to develop new gas fields in the coming months.

The next step, he said during a panel discussion, is to develop the natural gas market and integrate it into the larger geopolitical picture.

Israel approves development of large offshore Leviathan natgas field - REUTERS

Thu Jun 2, 2016 9:48am EDT

Israel's government on Thursday approved the development of the controversial Leviathan natural gas field that will give Israel a second source of gas supply while potentially turning it into a gas exporter.

Leviathan, one of the largest offshore discoveries of the past decade, was found off Israel's Mediterranean coast in 2010. It has an estimated 622 cubic meters of natural gas (BCM) of reserves and is expected to become operational in 2019.

Texas-based Noble Energy, which holds a 40 percent stake in Leviathan, said the field would initially start production at 1.2 billion cubic feet a day and expand to 2.1 bcf.

"Leviathan is expected to provide a second source of supply and entry point into Israel's domestic natural gas transport system, while also delivering exports to regional countries," Noble said in a statement.

The site, however, will cost at least $5 billion to develop and it was not yet clear how the project will be financed.

Leviathan partners sign $3b gas deal - GLOBES

29/05/2016, 16:15

Hedy Cohen

Leviathan will supply 13 BCM over 18 years to the IPM power plant in Be'er Tuvia.

The partners in the Leviathan natural gas reservoir today announced the signing of a gas supply agreement with the IPM company in Be'er Tuvia. The partnership will supply 13 BCM of gas to the power station slated for construction in the Be'er Tuvia industrial zone. The value of the 18-year agreement is estimated at $3 billion. The contract is the second for the partners, following a contract with Edeltech, owned by the Edelsberg family, last January.