Business
Independent CPR on Karish, Karish North and Tanin
Independent CPR on Karish, Karish North and Tanin.
About this update from Energean Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7346E\n Energean PLC\n 10 November 2020\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n Energean plc\n (\"Energean\" or the \"Company\")\n \n \n Independent CPR on the Karish, Karish North and Tanin fields, offshore Israel\n \n \n \n \n \n Third party CPR certifies 3.5 Tcf (98.2 Bcm) of gas plus 99.6 million barrels of liquids gross 2P reserves in the Karish, Karish North and Tanin fields \n \n \n \n \n London, 10 November 2020\n \n - Energean plc (LSE: ENOG, TASE: \n א)\n )) is pleased to announce the completion of an independent Competent Persons Report (\"CPR\") by DeGolyer and MacNaughton (\"D&M\").\n \n \n \n \n \n Highlights\n \n \n · \n Gross 2P reserves (Energean 70%) of 98.2 Bcm (3.5 Tcf) of gas and 99.6 million barrels (\"MMbbls\") of liquids certified in the Karish, Karish North and Tanin fields; representing approximately 729 million barrels of oil equivalent (\"MMboe\")[1]\n \n \n o \n Gas 2P volumes are broadly aligned with the previous 2P + 2C estimates of 99 Bcm (3.5 Tcf)\n \n \n o \n Approximately 241 MMboe[2] of gross 2C resources associated with Karish North have been upgraded into the 2P category following approval of the Field Development Plan (\"FDP\") by the Israeli government. Energean expects to take Final Investment Decision (\"FID\") on the Karish North development in 4Q 2020\n \n \n o \n Liquids gross 2P volumes represent a 17.5 MMbbls (21.4%) uplift to previously estimated 2P reserve + 2C resource volumes\n \n \n · \n Liquids production from the fields is now expected to average 28 kbpd (gross) over a plateau period of approximately five years \n \n \n o \n The additional liquids production is expected to have no discernible impact on scope 1 and scope 2 carbon intensity of the fields, which is expected to remain at approximately 6 kgCO2/boe\n \n \n · \n Gross best estimate risked prospective resources across the Karish and Tanin leases and Block 12 certified as 62.0 Bcm of gas plus 33.4 MMbbls of liquids. \n \n \n o \n These prospective resource volumes will be targeted by Energean's next exploration campaign, which is expected to commence in early 2022\n \n \n o \n All prospects are in close proximity to the Energean Power FPSO, representing potential low-cost...