Energean says Karish resources in 'top half' of estimates

Mediterranean-focused Energean Oil & Gas on Monday said an appraisal from its Karish North Discovery in Israel had confirmed resources in the “top half” of estimates.

The company said drilling had confirmed best estimate recoverable resources of 0.9 Tcf (25 BCM) plus 34m barrels of light oil “significantly enhancing” Energean's discovered resource volumes across its Karish and Tanin leases.

Chief executive Mathios Rigas said the “excellent result” allowed the company to continue our gas marketing efforts in the region with a goal to fully utilise the capacity of its floating production, storage and offloading vessel.

“Our focus now remains on closing the Edison E&P acquisition, in parallel with progressing the Karish development," he said.