Energean recieves FDP approval for Karish and Tanin fields, offshore Israel

8/30/2017

ATHENS -- Energean Oil & Gas has announced that its subsidiary, Energean Israel, a 50/50 JV between Energean and Kerogen Capital, has received approval from the Israeli Petroleum Commissioner for its Field Development Plan (FDP) for the development of the Karish and Tanin natural gas fields, offshore Israel. The FDP application was submitted on June 20, 2017.

As stated at the time of submission, Energean Israel owns 100% of Karish and Tanin fields, which combined have 2.7 Tcf of natural gas and 41 MMboe of light hydrocarbon liquids, totaling 531 MMboe of 2C resources. The Karish Main Development envisages drilling three wells, using a Floating Production Storage and Offloading (FPSO) unit that will be located approximately 90 km offshore with a production capacity of 400 MMscfd.

The next stage in the field development, which envisages first gas production in 2020, is to reach the Final Investment Decision (FID) which is anticipated before the end of 2017. The Company has appointed Morgan Stanley as project finance advisor for the $1.3-1.5 billion investment required for the Karish development.

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