Reserves and Resources
Energean started operating with just 2 mmboe 2P reserves in Greece. Now, Energean has 233 mmboe 2C resources and 37 million 2P reserves across four Eastern Mediterranean countries with significant upside potential.
By holding 50% in Energean Israel (the company which owns 100% of the Karish and Tanin Fields), Energean has 1,2 TCF of natural gas (2C resources) and 16 million barrels of light oil (2C resources) according to a CPR from the independent auditor NSAI, completed in December 2016. That is 213 mmboe of 2C resources in the two fields.
Energean has been consistently increasing oil reserves and resources in the Gulf of Kavala. Developed and undeveloped 2P reserves are now estimated to be 37 mmstb, while contingent oil resources (2C) are estimated at 20 mmboe, according to a CPR from the independent auditor ERC Equipoise Ltd, completed in mid 2017.
Energean estimates that the West Katakolo offshore block, which entered the exploitation phase in December 2016, has approximately 11 mmboe of 2C resources.