Energean awarded five exploration licences, offshore Israel

Source: Energean Oil & Gas.

LONDON -- Energean Oil & Gas has announced that Energean Israel has been awarded five offshore exploration licenses within the Israeli Exclusive Economic Zone (EEZ) by the Israeli Petroleum Commissioner following a recommendation by the Petroleum Council. The initial exploration period under each License is three years.

The awarded licenses comprise Blocks 12, 21, 22, 23 and 31, which were published for bidding in the recent First Israeli Offshore Bid Round. The blocks are located near the Karish and Tanin gas fields which are currently moving towards development by Energean.

Energean believes that the licences awarded are highly prospective and would benefit, in the event of any economic hydrocarbon discoveries, from being developed via tie-backs to the FPSO that Energean will construct for the development of Karish and Tanin fields.

Energean believes these five additional licences, which will raise the total number of licences held by the Company and its subsidiaries to 13, will provide upside potential for future growth and complement the Company’s portfolio within the East Mediterranean region. This portfolio includes low cost production from Greece, a world class development project from Karish and Tanin gas fields, as well as exploration potential in Israel, Greece and the Adriatic.

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