New Reserves Found in Israeli Gas Exploration Well

London-based Energean, which produces gas off Israeli coast, announced that it made a commercial discovery at its Zeus exploration well, while also upgrading its neighboring Athena discovery. Athena could be linked to the floating production and storage vessel (FPSO) Energean uses to send gas to the Israeli market from its flagship Karish field.

The company has also been examining new development of fields in what it calls the Olympus area, which could also send gas to Egypt. The company said it expects to be able to tell investors more about its development plans early next year.

Preliminary estimates indicate that Zeus holds 13.3 billion cubic meters (bcm) of gas, just above pre-drill estimates, but Energean is still analyzing results.

Athena’s 8 bcm discovery was announced in May, much lower than the previous estimate of 21 bcm. However, Energean said on Monday that it has upgraded that to 11.75 bcm after further data analysis.

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