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Energean PLC said on Monday that commercial gas has been discovered at its Athena exploration well, offshore Israel.
Preliminary analysis indicated that the discovery contains 8 billion cubic metres of recoverable gas volumes, the London-based hydrocarbon explorer said.
The Athena well is 100% owned by Energean and is the fifth well in a row that has been drilled successfully by the company in Israel. It has now been suspended as a future production well.
Engergean explained that this discovery was particularly significant as it de-risked an additional 50 billion cubic metres of mean unrisked prospective resources across its Olympus area.
The company said it is now pursuing development options for the commercialisation of the wider Olympus area.
‘We are delighted to announce this new gas discovery at Athena and the potential of the wider Olympus area. We are considering a range of strategic commercialisation options both for a standalone and wider Olympus area development, including domestic and multiple export routes,’ said Chief Executive Mathios Rigas.
Shares in Energean were up 6.2% at 1,384.00 pence on Monday morning in London.
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