10th Nov 2020 11:03
(Alliance News) -Â Energean PLC on Tuesday said an independent competent persons report has confirmed gas volumes of 98 billion cubic metres within its Karish, Karish North and Tanin fields.
The report showed gross 2P reserves of 98.2 billion cubic metres of gas and 99.6 million barrels of liquids certified in the Karish, Karish North and Tanin fields, representing approximately 729 million barrels of oil equivalent.
The gas volumes are broadly aligned with the previous 2P and 2C estimates of 99 billion cubic metres.
Approximately 241 million barrels of oil equivalent of gross 2C resources associated with Karish North have been upgraded into the 2P category following approval of the field development plan by the Israeli government.
"We are delighted that our independent reserves auditor has confirmed 2P gas volumes of 98 Bcm within our Karish, Karish North and Tanin fields, offshore Israel, representing another year of continuous reserves growth in our portfolio," said Chief Executive Mathios Rigas. "This gas, the majority of which has already been contracted, will be sold under fixed-price gas sales agreements that will protect our revenue stream from commodity price fluctuations, which underpins our strategic goal of paying a sustainable dividend."
"The approximately 100 MMbbls of 2P liquids reserves and production plateau averaging 28 kbpd over five years, represents a substantial increase on previous estimates," Rigas added.
Shares in Energean were up 6.2% at 600.20 pence in London on Tuesday.
By Lucy Heming;Â [email protected]
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