16th Aug 2018 09:59
LONDON (Alliance News) - Energean Oil & Gas PLC on Thursday said an updated competent persons report has significant upgraded its certified resources for its Israeli assets.
The report, compiled by Netherland Sewell & Associates, includes 2.2 trillion cubic feet of gas and 31.8 million barrels of liquids of proved and probable reserves on its Karish and Tanin fields. These figures are gross, with 70% net to Energean.
These figures are a significant increase on the 51 million barrels of oil equivalent included when Energean listing in London in March.
Energean is the operator of Karish and Tanin, which are off Israel in the eastern Mediterranean.
The new report also recognises gross recoverable prospective resources of 7.5 trillion cubic feet of gas and 101 million barrels of liquids gross, which Energean said backs up its view the assets contain a number of prospects in close proximity to existing discoveries.
Chief Executive Mathios Rigas said: "We are pleased our independent reserves auditors have identified 7.5 trillion cubic feet of prospective resource across our Israeli acreage with a very high probability of geological success, across which we have limited exploration capital commitments.
"The outcome is consistent with Energean's view our portfolio contains multiple attractive near-field exploration opportunities that could deliver significant upside alongside our existing Karish and Tanin development. The conversion of contingent resources demonstrates our commitment to increasing reserves and underpins a more-than-six times increase in our independently verified 2P reserves at IPO."
Shares were 1.4% higher on Thursday morning at 518.00 pence each in London.
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