REG - Energean PLC - Hermes Well Results and Next Drilling Targets

EnergeanAnnouncement

06/10/2022 07:01

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RNS Number : 9397B  Energean PLC  06 October 2022

 

 

 

 Energean plc

("Energean" or the "Company")

 

 

Hermes Well Results and Next Drilling Targets

London, 6 October 2022 - Energean plc (LSE: ENOG, TASE: אנאג) is pleased
to announce that the Hermes exploration well has made a commercial gas
discovery of between 7 and 15 bcm and that the Stena IceMax drilling rig has
moved to block 12 to drill the Zeus structure.

Hermes well results

The Hermes exploration well, block 31, offshore Israel, has made a commercial
discovery. Preliminary estimates indicate that the structure contains 7 - 15
bcm of recoverable natural gas resources.

Detailed analysis of the data collected by the well is ongoing, with the aim
of refining volumetric estimates and potential commerciality for both the
discovery and the full area. The Hermes discovery has helped to de-risk the
nearby Poseidon and Orpheus structures, which represent attractive potential
future appraisal targets to fully assess the potential of the area around
block 31.

Forward drilling programme

The Stena IceMax has now moved to block 12 (Olympus Area) to drill the Zeus
structure. Zeus is estimated to contain 10 -12 bcm of gross prospective
unrisked gas resources in the A/B/C sands and will enable Energean to gather
additional data to further refine resource estimates across the entire Olympus
area, currently estimated to be approximately 58 bcm of unrisked recoverable
resources.

Energean has exercised its option to drill a sixth well with Stena Drilling
Limited as part of the current drilling campaign. This well is expected to
target the Hercules prospect, located on block 23, offshore Israel.

 

Enquiries

 

For capital markets: ir@energean.com (mailto:ir@energean.com)

 

Kate Sloan, Head of IR and
ECM
                    Tel: +44 7917 608 645

 

For media: pblewer@energean.com (mailto:pblewer@energean.com)

 

Paddy Blewer, Head of Corporate
Communications
Tel: +44 7765 250 857

 

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differ materially from those expressed in or implied by such forward-looking
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statements speak only as of the date of such statements and, except as
required by applicable law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise. The information contained in this
announcement is subject to change without notice.

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