Energean announced a new gas discovery in Karish North on April 15, 2019.
As per a Competent Persons Report by DeGolyer and MacNaughton (November 2020), Karish North contains gross 1,137 bcf gas 2P reserves plus 34.1 mmbls liquids 2P reserves.
This represents a total of 240.7 million barrels of oil equivalent (mmboe, 70% net to Energean), of which 84% is gas.
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.
In April 2020, Energean submitted an Addendum to the Karish and Tanin Field Development Plan to cover the Karish North development, envisaging a production capacity of up to 300 mmscf/d (approximately 3 bcm/yr), initially from one well. Karish North FDP was approved by the Israeli authorities in August 2020.
Karish North Final Investment Decision (FID) expected during 4Q 2020 with first gas in 2023.
The Karish North well was spudded on March 15, 2019. 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.
The Karish North sidetrack was drilled 700m north of the original Karish North penetration with a key objective to confirm the Gas Water Contact (“GWC”). The sidetrack encountered a GWC at 4,791 meters true vertical depth subsea (“TVDSS”), 13 meters below the Gas Down To (“GDT”) that was encountered in the original wellbore. A thin rim of light oil or condensate was identified immediately above the GWC. The total mapped hydrocarbon column is confirmed at 310 meters.
A successful appraisal well was drilled in October 2019, confirming best estimate recoverable resources of 0.9 Tcf (25 BCM) plus 34 million barrels of light hydrocarbons.