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15 Nov 2018 | 09:40

Energean Oil and Gas touts ramp up in drilling; says developments remain on track

Energean Oil and Gas said Thursday it remained on track to deliver first gas from Karish-Tanin development in first quarter of 2021 and touted a ramp up in drilling activity in both Israel and Greece in the months ahead.

The company said it was track to deliver first gas from the 2.4 Tcf Karish-Tanin development in the first quarter of 2021 and first steel cut on the Karish - Tanin floating storage and offloading slated for 26 November.

The company said it would aim to fill the 3.8 BCM of spare capacity in the medium term, adding that it all development projects remained well-funded.

First oil from the Epsilon extended reach well was expected in late 2018, the company said. 'Our developments are on schedule and we have an active programme of drilling in both Israel and Greece in the months ahead, targeting significant increases in prospective resources and production,' said Mathios Rigas, CEO of Energea. 'We are seeing strong incremental demand for our gas and aim to prove up enough resources to fill the 3.8 bcma of spare capacity in our 8 bcma FPSO. Future gas sales agreements will focus on both further contributing to security and diversity of supply in the Israeli markets as well as targeting key regional export markets.'

At 9:40am: (LON:ENOG) Energean Oil Gas Plc share price was +11p at 625p

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