Energean Oil & Gas Hails Karish North Appraisal Results

Exploration and production company Energean Oil & Gas PLC on Monday said it completed a successful appraisal at Karish North, boosting the discovered resource volumes at the asset in Israel.

The appraisal confirmed best estimate recoverable resources of 0.9 trillion cubic feet of gas, or 25 billion cubic metres, plus 34 million barrels of light oil or condensate.

Chief Executive Mathios Rigas said: "This is an excellent result from the Karish North appraisal sidetrack, confirming in place volumes in the top half of pre-drill estimates. Today's news delivers upon another commitment that we had made to our shareholders and the successful results allow us to continue our gas marketing efforts in the region.

"Our focus now remains on closing the Edison E&P acquisition, in parallel with progressing the Karish development."

In July, Energean said it agreed to acquire the oil exploration and production unit of Italian firm Edison SpA for a total consideration of USD850 million.

Energean shares were 2.8% higher at 925 pence each in London on Monday morning.

Source: LSE