StockMarketWire.com - Oil and gas explorer Energean said Monday it had decided to drill an exploration well in the Karish North prospect, offshore Israel, with a planned spud date before end-March 2019.

The Karish North prospect is located within Energean's Karish lease and would be drilled immediately prior to the three well development of the adjacent Karish main field, the company said. Gross drilling costs are expected to be between $15m to $25m.

The Karish North prospect's gross recoverable unrisked prospective resources is estimated at 33.5 BCM of natural gas and 14m barrels of light oil, a report showed.

The Karish North prospect is the first of seven optional wells included in the Stena drilling contract, the company said.

The Karish lease is 100% owned and operated by Energean Israel, which is 70% owned by Energean.

'We view Karish North as an attractive near-field exploration opportunity offshore Israel that could deliver significant upside alongside our existing Karish development, for which we have already signed 12 gas contracts and secured 4.2 BCMA of supply over an average period of 16 years,' said Mathios Rigas, CEO Energean Oil & Gas.

'The goal of the exploration work is to identify further easy-to-commercialise resources in the region.'




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