Energean finds new Israel gas discovery

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Greece’s Energean announced its Hermes exploration well offshore Israel had made a commercial natural gas discovery of between 7 and 15 bcm, with Cyprus a potential export market.

And the Stena IceMax drilling rig has moved to block 12 to drill in the Zeus structure.

Preliminary estimates indicate that Hermes contains 7 – 15 bcm of recoverable natural gas resources.

Detailed analysis of the data collected by the well is ongoing to refine volumetric estimates and potential commerciality for both the discovery and the full area.

The Hermes discovery has helped de-risk the nearby Poseidon and Orpheus structures, which represent attractive potential future appraisal targets to assess the area around block 31 fully.

The Stena IceMax has now moved to block 12 (Olympus Area) to drill the Zeus structure.

Zeus is estimated to contain 10 -12 bcm of gross prospective unrisked gas resources in the A/B/C sands and will enable Energean to gather additional data to refine further resource estimates across the entire Olympus area, currently estimated to be approximately 58 bcm of unrisked recoverable resources.

Energean has exercised its option to drill a sixth well with Stena Drilling Limited as part of the current drilling campaign.

This well is expected to target the Hercules prospect, located in block 23 offshore Israel.

“New quantities of natural gas in Israel can be used to increase Energean’s sales in the domestic market or for exports to Cyprus through liquefaction at an FLNG unit that will be installed in Vassiliko,” said Energean.

It added: “Or for exports to Egypt through existing upgraded or new pipelines, and through liquefaction at the country’s existing terminals.”