Business
Athena Gas Discovery
Athena Gas Discovery.
About this update from Energean Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n Energean plc\n \n \n \n \n (\"Energean\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Athena Gas Discovery\n \n \n \n \n London, 9 May 2022\n \n - Energean plc (LSE: ENOG, TASE: א) is pleased to announce that a commercial gas discovery has been made by the Athena exploration well, offshore Israel.\n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n ·\n Commercial discovery made by the Athena exploration well, Block 12, in the A, B and C sands. Preliminary analysis indicates that the Athena discovery contains recoverable gas volumes of 8 bcm (283 bcf / (51 mmboe) on a standalone basis.\n \n \n \n \n \n ·\n This discovery is particularly significant as it de-risks an additional 50 bcm (1.8 tcf / (321 mmboe) of mean unrisked prospective resources across Energean's Olympus Area (total 58 bcm/372mmboe including Athena).\n \n \n o \n The Olympus Area is Energean's newly defined area which includes Athena, plus the undrilled prospects on Block 12 and the adjacent Tanin Lease.\n \n \n \n \n \n ·\n Athena can be commercialised in the near-term via tie-back to the Energean Power FPSO, enhancing the profitability of the Karish-Tanin development. Alternatively, it could form part of a new Olympus Area development.\n \n \n \n \n \n ·\n Energean is therefore actively pursuing development options for the commercialisation of the wider Olympus Area, (potentially including Athena), such as:\n \n \n o \n Further domestic Israeli gas sales:\n \n \n §\n New Gas Sales and Purchase Agreements (\"\n \n GSPA\n \n \") underpinned by the continued growth of the Israeli power market\n \n \n §\n Spot sales\n \n \n o \n Export options:\n \n \n §\n Developing the Memorandum of Understanding (\"\n \n MoU\n \n \") signed with The Egyptian Natural Gas Holding Company (\"\n \n EGAS\n \n \") for the supply of up to 3 Bcm/yr into a binding agreement\n \n \n §\n Exports to other regional and European markets via pipeline and LNG via Cyprus and/or Egypt\n \n \n \n \n \n ·\n The economics of gas produced and sold from Block 12 are not subject to royalties payable to the original sellers of the Karish and Tanin leases, leading to an approximate 8% increase in revenue for...