Energean Oil and Gas plc has commenced its 2019 drilling programme in Israel, which will consist of three development wells and Karish North. Following this four well campaign, Energean has a further six drilling options available in its contract with Stena Drilling Ltd (“Stena”).

Energean will batch drill the top-hole sections of the wells, which will allow significant operational efficiencies and cost savings.

The drilling campaign is being undertaken using the Stena DrillMAX drillship. The Stena DrillMAX is a sixth generation drillship capable of drilling in water depths of up to 10,000 feet.

Stena Drilling “DrillMAX” at drilling location, Karish North, Israel

Background

In August 2017 the Company received Israeli Governmental approval for the FDP for its KarishTanin gas development project, where it intends to use an FPSO and produce first gas in 2021. Energean has already signed contracts for 4.6 bcma of gas sales into the Israeli domestic market. Future gas sales agreements will focus on both the growing Israeli domestic market and key export markets in the region. In Greece, the Company is pursuing an ongoing investment and development programme to increase production from its Prinos and Prinos North oil fields and to develop the Epsilon oil field in the Gulf of Kavala, Northern Greece.

Energean has five exploration licences offshore Israel, and a 25 year exploitation licence for the Katakolo offshore block in Western Greece and additional exploration potential in its other licences in Western Greece and Montenegro.