Eastern Mediterranean-focused oil and gas producer Energean has made a commercial discovery at its Zeus exploration well off the coast of Israel and upgraded its neighboring Athena discovery, it said on Nov. 7.
Energean’s shares rose by nearly 4% to 16 pounds by 0927 GMT for their highest since the company listed in London in 2018.
Athena could be linked to the FPSO Energean uses to send gas to the Israeli market from its flagship Karish Field.
Energean has also floated the idea of a new development of fields in what it calls the Olympus area, which might also send gas to Egypt. The company said it expects to be able to tell investors more about its development plans early next year.
Preliminary estimates indicate that Zeus holds 13.3 Bcm of gas, just above pre-drill estimates, but Energean is still analyzing results.
Athena’s 8 Bcm discovery was announced in May, falling short of a previous 21 Bcm estimate, but Energean said on Nov. 7 that its reserve auditor DeGolyer & MacNaughton has upgraded that to 11.75 Bcm after further data analysis.
Recommended Reading
Kosmos Energy Reports First Oil Production at GoM’s Winterfell
2024-07-03 - Winterfell, operated by Beacon Offshore Energy, will produce high margin barres with a quick payback, Kosmos CEO Andrew G. Inglis said.
MOGAS Wins Multimillion Contract for Aramco-backed S-Oil
2024-07-02 - MOGAS said the contract is part of S-Oil backer Aramco's largest investment in South Korea.
Oceaneering Awarded Multiple GoM Vessel Services Contracts
2024-07-02 - Oceaneering also secured two separate pricing agreements that include the use of new technologies from its integrated, customizable IMR service.
The OGInterview: BPX E-fracs Push ‘Values Up, Emissions Down,’ CEO Says
2024-07-02 - BPX Energy CEO Kyle Koontz discusses the company’s role as the “nimble entrepreneurial” arm of supermajor BP in the Permian Basin and Haynesville and Eagle Ford shales.
E&P Highlights: July 1, 2024
2024-07-01 - Here’s a roundup of the latest E&P headlines, including the Israeli government approving increased gas export at the Leviathan Field and Equinor winning a FEED contract for the all-electric Fram Sør Field.