In December 2017 Energean was successfully awarded five offshore exploration licenses within the Israeli Exclusive Economic Zone (EEZ).The licenses awarded comprise blocks 12, 21, 23 and 31.
All licenses are located in the proven “Tamar” sand play fairway and numerous prospects and leads have been identified.
CPRs produced by D&M (November 2020) and NSAI (August 2018) have certified 4.15 tcf of gas and 43 million barrels of liquids risked prospective resources.
Another 10.3 bcm of gas plus 2.2 mmbls of liquids prospective resources are shared within Block 12 and Energean's Tanin field.
After having reprocessed 3D data, Energean committed to drill the prospect "Zeus" in block 12, targeting 0.6 Tcf gas resources.
A discovery would be commercialised through the Energean Power FPSO and further de-risk other prospects in Energean's acreage, such as "Hera" and "Athena" in Block 12 and "Poseidon" in Block 21.
Energean has also conducted a 3D seismic survey over block 23 (255 km2 in NE corner acquired) with primary objective "Hercules" (0.9 TCF). The Company has also conducted a 3D seismic survey over block 31 (181 km2 in SW corner) with primary objective "Orpheus" (0.35 TCF).
All prospects will be further evaluated during the initial 3 year exploration period by interpretation of new 3D seismic acquisition and reprocessing of existing data sets. Based on the results of these studies future exploration drilling will take place during the second 3 year exploration phase.
Any future hydrocarbon discoveries will be developed via a tie-back to the FPSO that Energean will construct for the development of Karish and Tanin fields.