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Stena Drilling to carry out offshore drilling campaign for Energean

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Oilfield Technology,

Energean's 100% subsidiary, Energean Israel, has signed a contract with Stena Drilling for its 2022 - 2023 growth drilling programme offshore Israel, which is expected to target the derisking of unrisked prospective recoverable resources of over 1 billion boe.

The contract is for the drilling of three firm wells and two optional wells, with the first firm well expected to spud in 1Q22. The firm wells are all expected to be drilled during 2022, and consist of:

  • The Karish North development well. The scope includes re-entry, sidetracking and completion of the previously drilled Karish North well and completion as a producer. The Karish North development will commercialise 33 billion m3 (1.2 trillion ft3) of gas plus 31 million bbl of liquids 2P reserves (a total of 243 million boe) and is expected to deliver first gas in 2H23.
  • The Karish Main-04 appraisal well, which is expected to target further prospective volumes within the Karish Main Block, including the potential oil rim that was identified as part of the KM-03 development well drilling. Total unrisked recoverable volumes estimated to be targeted by the well are 166 million boe.
  • The Athena exploration well, located in Block 12, is situated directly between the Karish and Tanin leases. Athena is estimated to contain unrisked recoverable prospective resource volumes of 20 billion m3 (0.7 trillion ft3) of gas plus 4 million bbl of liquids; of which the primary target is estimated to contain unrisked recoverable prospective resource volumes of 10 billion m3 (0.4 trillion ft3) of gas plus 2 million bbl of liquids with a 70% geological chance of success. Success at Athena would be expected to significantly de-risk approximately 90 billion m3 (2.5 trillion ft3) plus 19 million bbl of remaining unrisked recoverable prospective resource volumes located within Block 12 and Tanin.

The drilling campaign will be undertaken using the Stena Icemax drillship, an ice-class harsh environment dual-activity dynamically positioned drillship, capable of drilling in water depths of up to 10 000 ft.

Mathios Rigas, CEO of Energean, commented: "We are delighted to be working with Stena again; and this five-well programme follows the three-well development drilling programme and 243 million boe Karish North discovery, all successfully executed with Stena over 2019 and 2020.

Our five-well growth programme offshore Israel, commencing 1Q22, has the potential to double Energean plc's reserve base with resource volumes that can be quickly, economically and safely monetised. Combined with first gas from our flagship Karish gas development project in mid-2022, the next 12-months are set to be truly transformational for Energean."

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