Successful Karish North Appraisal

Energean Oil and Gas announced its appraisal of the Karish North Discovery confirmed best estimate recoverable resources of 0.9 Tcf (25 BCM) plus 34 million barrels of light oil / condensate (combined c.190 mmboe) enhancing the Mediterranean focused oil and gas producer’s discovered resource volumes across its Karish and Tanin leases.

The Karish North sidetrack was drilled 700 meters north of the original Karish North penetration with a key objective to confirm the Gas Water Contact (GWC). The sidetrack encountered a GWC at 4,791 meters true vertical depth subsea (TVDSS), 13 meters below the Gas Down To (GDT) that was encountered in the original wellbore. A thin rim of light oil or condensate was identified immediately above the GWC. The total mapped hydrocarbon column is confirmed at 310 meters.

Low, Best and High case estimated resources
Low CaseBest EstimateHigh Case
GIIP (Tcf)1.11.31.8
GIIP (BCM)3035.651.6
Recoverable Gas (Tcf)0.70.91.4
Recoverable Gas (BCM)19.524.938.7
Recoverable Liquids (MMbbls)25.234.355

The remaining volumetric uncertainty is largely associated with thinly bedded sections of the reservoir in the B Sand Unit. This potential will be confirmed via acquisition of a core from this section, which is expected to be achieved when the well is completed as a producer.

The Karish North Discovery will be developed via a tieback to the Energean Power floating production, storage and offloading unit (FPSO), which is located 5.4 kilometers away and is being built with 8 BCMA....

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