Tuesday 14 April 2020

Energean Oil and Gas plc (LSE: ENOG, TASE:,(the oil and gas producer focused on the Mediterranean, is pleased to announce the completion of an independent Competent Persons Report (“CPR”) by DeGolyer and MacNaughton (“D&M”) on the Karish North Field, offshore Israel, and submission of an addendum to the Field Development Plan (“FDP”) to the State of Israel’s Ministry of Energy for Karish North.

Highlights

• Karish North certified to contain gross 2C resources of 1.2 Tcf (33.7 bcm) of gas and 39 million barrels of liquids (“mmbbls’). This represents a total of 250 million barrels of oil equivalent (“mmboe”), of which 84% is gas
• Delivers a 32% uplift to Energean’s previous Karish North resource best estimate, including approximately 0.3 Tcf (9 bcm) of gas plus 5 mmbbls of liquids, a total of approximately 60 mmboe (of which 90% is gas)
• Total gross 2P + 2C across the Karish, Tanin and Karish North is now estimated to be almost 3.5 Tcf (99 bcm) of gas plus 82 mmbbls of liquids, a total of 698 mmboe (88% of which is gas)
• 0.6 bcm/yr contingent Gas Sales and Purchase Agreements (“GSPAs) will now be converted to firm; firm GSPAs will now deliver approximately 5.6 bcm/yr of gas sales on plateau, with FPSO capacity of 8 bcm/yr
• Energean continues to actively market additional gas volumes to secure additional longterm cash flows that are largely insulated from global commodity price fluctuations
• Energean has also submitted an addendum to the Karish and Tanin FDP, to cover the Karish North development, envisaging a production capacity of up to 300 mmscf/d (approximately 3 bcm/yr), initially from one well
• Karish North Final Investment Decision (“FID”) expected during 2H 2020 with first gas in 2022

Mathios Rigas, CEO of Energean said:

“I am delighted that 2C resources at Karish North are some 32% ahead of where we had initially expected. This has enabled us not only to convert 0.6 bcm/yr of contingent contracts into firm, but also to continue targeting additional gas sales opportunities that will be incremental to the 5.6 bcm/yr of firm gas sales that we now expect to deliver on plateau. We are very pleased to be developing a world-class gas resource of 700 million boe and look forward to more gas discoveries in our acreage in Israel and the wider Eastern Med region.”