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
Exclusive: Why Family Offices Favor ‘Lower-Risk’ Oil, Gas Investments
2024-11-22 - Evan Smith, Stephens’ senior vice president for investment banking, describes growth in the company’s network of family offices, specifically those investing in the energy sector, in this Hart Energy Exclusive interview.
Energy Sector Sees Dramatic Increase in Private Equity Funding
2024-11-21 - In a 10-day period, private equity firms announced almost $20 billion in energy funding. Is an end in sight for the fossil fuel capital drought?
Expand Energy Announces $500MM Tender Offer for 2026 Notes
2024-11-20 - Expand also issued a conditional notice of redemption for all of its outstanding 8.375% Senior Notes due 2028.
Vistra to Offer Senior Notes for Equity Interest Repayment
2024-11-19 - Vistra Corp. said the proceeds from the offer will be used toward an early payout for the installment purchase of Avenue Capital Management II’s interest in Vistra Vision.
US Energy Secretary Nominee Chris Wright Champions Energy at DUG GAS
2024-11-19 - President-elect Donald Trump's energy secretary nominee Chris Wright championed energy's role in bettering human lives earlier this year on stage at Hart Energy’s DUG GAS Conference and Expo.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.