Oil and gas company Energean said Monday it had made a commercial gas discovery at the Zeus- 01 prospect, in the Mediterranean Sea, offshore Israel. The company also said that contingent resources at Athena discovery, also in Israel, had been upgraded following post-well analysis.
Preliminary estimates at the Zeus discovery indicate that the structure contains 13.3 bcm of recoverable natural gas resources, an increase on the pre-drill estimate of 10 bcm to 12 bcm).
"Energean is now undertaking post-well analysis of the data collected during drilling," Energean said.
As for the Athena discovery, Energean’s reserve auditor, DeGolyer & MacNaughton (“D&M”), has certified contingent resources of 11.75
bcm in the Athena discovery, an increase of 3.75 bcm on the Company’s 8 bcm preliminary estimate.
This increase follows post well studies undertaken on data collected during the drilling process.
Good news for the Olympus area
"The results from the Zeus well and the Athena post-well analysis provide Energean with additional confidence about the volumes and commerciality of the Olympus area, and the Company is now progressing its field development plan. Energean expects to update the market on the total resource volumes within the Olympus area, taking into account the uplifted volumes in both Zeus and Athena, in early 2023," Energean said.
Further drilling
Stena Drilling's Stena IceMax drillship, hired by Energean, has now moved to block 23 to drill the Hercules structure, where the Miocene gas prospect will be targeted.
Mathios Rigas, CEO of Energean said: "Following the start of production from our Karish reservoir last week, I am pleased that our drilling
program, which has now delivered five successful wells from five, continues to deliver value, ensuring security of supply and energy competition across the region.
We are evaluating a number of potential commercialization options for the Olympus area that leverage both new and our existing, unique Med-based infrastructure, and we expect to commit to a development concept in 1H 2023.”
