Business
Independent CPR of reserves & resources in Israel
Independent CPR of reserves & resources in Israel.
About this update from Energean Plc
[{"type":"text","content":"\n \nRNS Number : 9445X Energean Oil & Gas PLC 16 August 2018 \n\n \n \n \n \nFor immediate release\n \n \nEnergean Oil & Gas plc\n(\"Energean\" or the \"Company\")\n \nIndependent certification of reserves and resources in Israel\n\"7.5 Tcf of Prospective Resources - Increase in net 2P reserves from 51 to 349 mmboe1\"\nLondon, 16 August 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 it has received an updated independent Competent Persons Report from Netherland Sewell & Associates (\"NSAI\") for its Israeli portfolio. The updated CPR includes the certification of 63 bcm (2.2 Tcf) of 2P reserves and 7.5 Tcf of gross prospective resources and is the first assessment of prospective resources in the new Blocks (12, 21, 22, 23 and 31) that were awarded as part of the recent offshore licencing round.\n \nThe updated CPR includes 63 bcm (2.2 Tcf) of gas and 31.8 million barrels of liquids (gross, Energean 70%) of 2P reserves in the Karish and Tanin fields. Energean's independently certified net 2P reserves are now 349 mmboe, an increase from the 51 mmboe estimated when Energean undertook its London Stock Exchange listing in March 2018. \n \nContingent resources in the Karish field of 5.4 bcm (0.2 Tcf) of gas and 1.0 million barrels of liquids (Gross, Energean 70%) are recognised. Remaining contingent resource relates to the Karish B reservoir. Overall 2P reserves plus contingent resources across the Karish and Tanin leases remain the same.\n \nThe updated CPR also recognises gross recoverable prospective resources of 212 bcm (7.5 Tcf) of gas and 101 million barrels of liquids (Energean 70%), consistent with Energean's view that its acreage contains an attractive number of near-field prospects where potential discoveries can be quickly and economically monetised. The Karish FPSO is being built with gas production and processing capacity of 8 bcm/yr. Energean Israel (Energean 70%) has sold 4.2 bcm/yr of discovered gas volumes, leaving 3.8 bcm/yr of available FPSO capacity for the potential tie-back of future discoveries.\n \nEnergean recently committed to drill a well in the Karish North exploration prospect. NSAI estimates that the K...