Energean's portfolio of exploration assets offer significant upside potential in the highly prospective Eastern Mediterranean region.
According to a CPR created by the independent auditor NSAI, Karish and Tanin fields have 2,4 TCF of natural gas (net to Energean 1,7 TCF) and 71 mmboe (net to Energean 50 mmboe) of light hydrocarbon liquids net prospective unrisked resources (in the picture above, already discovered gas fields in red, gas prospects in blue and deep liquid prospects in green). Energean has also acquired five offshore exploration licences in the Israeli EEZ.
Blocks 4218-30 & 4219-26: undergoing the three year first exploration phase, including a 3D survey and G&G studies, with the option to extend into a second, four year exploration phase. Energean's commitment is USD 3 million. 144 million barrels liquids and 1,766 BCF gas gross unrisked prospective recoverable resources have been independently audited in the two blocks.
Ioannina: undergoing the first exploration phase up to 2019. The area has multiple play concepts. 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.
Egypt and new business development
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.