Energean Oil and Gas said today that it will drill an exploration well in the Karish North prospect, offshore Israel, in the first quarter of 2019.
Karish North prospect will be drilled ahead of a three well development of the adjacent Karish Main field, the company’s flagship gas development project.
Gross drilling costs are expected to be between $15-25 million.
Karish North is thought to be capable of producing 200 million barrels of oil equivalent.
The Karish lease is 100% owned and operated by Energean Israel, which is 70% owned by Energean.
Energean boss Mathios Rigas said: “We view Karish North as an attractive near-field exploration opportunity offshore Israel that could deliver significant upside alongside our existing Karish development, for which we have already signed 12 gas contracts and secured 4.2 BCMA of supply over an average period of 16 years.
“The goal of the exploration work is to identify further easy-to-commercialise resources in the region.”