Energean Oil and Gas plc, the oil and gas producer focused on the Mediterranean, has announced the successful appraisal of the Karish North Discovery, confirming best estimate recoverable resources of 0.9 Tcf (25 BCM) plus 34 million barrels of light oil/condensate (combined approximately 190 mmboe), significantly enhancing Energean’s discovered resource volumes across its Karish and Tanin leases.
Appraisal findings include:
- Best estimate gas initially in place (GIIP) of 1.3 Tcf (36 BCM) versus a pre-drill estimate of 1.0-1.5 Tcf (28-42 BCM).
- Best estimate recoverable resource volumes of 0.9 Bcf (25 BCM) plus 34 million barrels of light oil/condensate.
- Volumes are incremental to the 2.4 Tcf (68 BCM) and 33 million barrels of light oil/condensate discovered resources that Energean already has in its Karish and Tanin leases.
The Karish North sidetrack was drilled 700 metres north of the original Karish North penetration with a key objective to confirm the gas water contact (GWC). The sidetrack encountered a GWC at 4,791 metres true vertical depth subsea (TVDSS), 13 metres below the gas down to (GDT) that was encountered in the original wellbore. A thin rim of light oil or condensate was identified immediately above the GWC. The total mapped hydrocarbon column is confirmed at 310 metres.