Energean's portfolio of exploration assets offer significant upside potential in the highly prospective Eastern Mediterranean region.
Karish and Tanin fields contain 2.94 TCF of natural gas and 79 mmboe of light hydrocarbon liquids prospective unrisked recoverable resources, audited by NSAI (net to Energean 70%).
On April 15, 2019, Energean announced that the Karish North exploration well has made a significant gas discovery, as 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.
As planned, Energean will deepen the well to evaluate hydrocarbon potential at the D4 horizon.
In December 2017, Energean acquired five offshore exploration licences in the Israeli EEZ. According to NSAI CPR, the blocks contain 4.54 TCF and 22 million barrels of hydrocarbon liquids unrisked prospective recoverable resources (net to Energean 70%).
Energean has limited exploration capital commitments for the first three years and has already conducted a 3D seismic survey over blocks 23 and 31.
A three year first exploration phase is in progress in offshore blocks 26 and 30, offshore Montenegro. Energean has already completed a 3D seismic survey and G&G studies over the blocks. Energean's commitment is USD 3 million. In total, 144 million barrels liquids and 1,766 BCF of gas unrisked prospective recoverable resources have been independently audited in the two blocks.
Ioannina: undergoing the first exploration phase up to 2019 and a 2D seismic survey is in progress. 205 million barrels of oil (net to Energean 82 mmbbls) have been independently audited in the block. Energean's commitment is EUR 7,9 million, which will almost be completely covered from the Repsol farm-out.
Aitoloakarnania: planned exploration phase of three years, including an FTG survey and a 2D seismic survey. Energean's commitment is EUR 7,2 million, which will also almost be completely covered from the Repsol farm out.
Low cost, near-field exploration, based on the 3D seismic survey acquired in 2015. Easily monetised by leveraging current infrastructure, with Energean having no additional capex or exploration obligations.
The Company's focus is on proven basins, and may contemplate further exploration opportunities in Egypt, where it has been operating since 2010, Albania, Cyprus, Tunisia, Italy and the Adriatic.
For more information about our Exploration Projects, go to Operations.