Energean: Zeus field, new natural gas discovery in Israel

A new discovery, the 4th in the sea of ​​Israel, was announced on Monday morning on the London and Tel Aviv stock exchanges by Energean plc. This is the commercially exploitable gas field “Zeus” in Block 12 which is estimated to hold 13.3 billion cubic meters (bcm) of exploitable natural gas, which is greater than the initial estimates of 10 – 12 bcm. Energean is now analyzing the data collected from the well.

In this regard, Mr. Mathios Rigas, CEO of the Energean group, noted that a few days after the start of production from Karish field, Energean is now evaluating a number of potential commercial development options for the Olympus Region. The company expects that in the first half of 2023 a new binding development program will be agreed upon.

Upgrade of the “Athina” deposit

Independent assessor DeGolyer & MacNaughton (D&M) certified Energean with potential reserves of 11.75 bcm in the Athena field, upgrading Energean’s previous estimate of 8 bcm, following studies based on data gathered by during the drilling process.

The discovery of the “Zeus” field and the upgrade of the “Athina” field give Energean greater certainty about the natural gas quantities and marketability of the Olympus Area, and the company is now moving forward with its development plan. Energean is expected to proceed with the final update on the total quantities of the Olympus Area in early 2023, based on the special report (CPR- Competent Persons Report) prepared by D&M.

Drilling now in Block 23

The Stena IceMax drilling rig has now moved to Block 23 in the Sea of ​​Israel, in order to proceed with drilling the “Heracles” structure, targeting natural gas from the Miocene.