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Energean to drill Karish North exploration well
Energean to drill Karish North exploration well.
About this update from Energean Plc
[{"type":"text","content":"\n \nRNS Number : 3189S Energean Oil & Gas PLC 25 June 2018 \n\n \n \n \n \nFor immediate release \n \n \nEnergean Oil & Gas plc\n(\"Energean\" or the \"Company\")\n \nEnergean to drill Karish North exploration well\nLondon, 25 June 2018 - Energean Oil and Gas plc (LSE: ENOG), the independent oil and gas exploration and production company focused on the Eastern Mediterranean, is pleased to announce that the Board has made the decision to drill an exploration well in the Karish North prospect, offshore Israel, with a planned spud date before end-March 2019, subject to necessary approvals. This will exercise the first of seven optional wells included in the Stena Drilling contract. \n \nThe Karish North prospect is located within Energean's Karish lease and will be drilled immediately prior to the three well development of the adjacent Karish Main field, the Company's flagship gas development project. Gross drilling costs are expected to be between US$15-25 million. The Independent Competent Persons Report1 for the Karish North prospect estimates gross recoverable unrisked prospective resources of 33.5 BCM (1.2 Tcf, or circa 200 MMboe) of natural gas and 14 MMbbls of light oil. The Karish lease is 100% owned and operated by Energean Israel Ltd, which is 70% owned by Energean.\n \nThe decision to drill the Karish North well is consistent with Energean's exploration strategy to target near field prospects where potential discoveries can be quickly and economically monetised.\n \nThe Karish FPSO is being built wit...