Energean Strikes Gas at Athena off Israel

The new discovery is expected to de-risk 50 Bcm of resources in region off Israel.

Olympus map

UK-based Energean has discovered gas with its Athena probe in Block 12, 20 km from Tanin A in 1769 m of water. The probe was drilled in 51 days and encountered a gross hydrocarbon column of 156 m in the primary target. Preliminary analysis indicates that the Athena discovery contains recoverable gas volumes of 8 Bcm on a standalone basis.

Energean will conduct analysis to refine the full resource potential (including volumes contained within thinner sands between the main reservoir units) and to confirm the liquids content of the discovery. The Athena well has been suspended as a future production well. Commercial hydrocarbons were not discovered in the deeper secondary target.

Athena can be commercialized in the near term via tieback to the Energean Power FPSO, enhancing the profitability of the Karish-Tanin development. Alternatively, it could form part of a new development called the Olympus Area which consists of Block 12 and additional prospects on the Tanin lease. The discoveries and prospects in this area lie along the same geological trend; Athena was drilled on the same direct hydrocarbon indicator as Tanin.

Energean is confident that the Athena discovery has de-risked the A, B, and C sands in the remaining prospects of the Olympus Area, estimated to be 50 Bcm of mean unrisked prospective resources. This estimate excludes the liquids component as well as any gas upside in the thinner sands between the main reservoir units.

Drillship Stena IceMAX has moved to the Karish Main-04 appraisal well and will complete the Karish North development well.