Energean Intends to Drill Karish North Well Before End-March 2019

Energean Oil and Gas Plc announced on the 25^th June that it intends to drill an exploration well in the Karish North prospect, offshore Israel, before the end of March 2019.

The Karish North prospect, which is located within Energean’s Karish lease, will be drilled immediately prior to a three well development of the adjacent Karish Main field, Energean said.

Gross drilling costs are expected to be between US$15 million and US$25 million.

“We view Karish North as an attractive near-field exploration opportunity offshore Israel which could deliver significant upside alongside our existing Karish development, for which we have already signed 12 gas contracts and secured 4.2 BCMA (billion cubic metres per annum) of supply over an average period of 16 years,” Mathios Rigas, CEO Energean Oil & Gas, said.

“The goal of the exploration work is to identify further easy-to-commercialise resources in the region,” he added.

The Karish lease is 100 percent owned and operated by Energean Israel Ltd, which is 70 percent owned by Energean.

Source: Rigzone