London-based company Energean on Monday announced the discovery of 13 billion cubic meters of recoverable natural gas reserves in an exploration drilling in the Mediterranean Sea, off the northern shores of Israel.
In addition to the discovery from the Zeus well, where pre-drill estimate ranged between 10 and 12 billion cubic meters, post-well analysis also showed a reserve increase at the adjacent Athena exploration well from 8 billion cubic meters to 11.75 billion, the company said in a statement.
The new results from the Zeus and Athena wells provide Energean with additional confidence about the volumes and commerciality of the area, and it is now progressing a field development plan, according to the statement.
In late October, Energean began production at the nearby Karish rig after receiving Israel's government approval.
Israel and Lebanon reached a deal on Oct. 27 to settle a maritime border dispute in the Mediterranean, opening the way for energy exploration in fields near the disputed area.
Editor: Leon
