Energean on track to spud Karish North in March

Greek oil and gas company Energean is on track to spud the Karish North well located offshore Israel in March 2019.

Energean said on Wednesday that its Karish and Tanin development project remains on track to deliver first gas into the Israeli domestic market in 1Q 2021.

According to the company, the next visible milestone will be mobilization of the Stena Drillship in February 2019 ahead of spudding of Karish North in March.

To remind, Energean in January 2018 signed a contract with Stena Drilling to deploy the Stena Forth drillship “or such substitute as may be agreed by the parties” to drill three development wells in Q1 2019 at Energean’s Karish and Tanin gas fields.

In June 2018 Energean set the spud date for the Karish North well for March 2019.

Karish North will directly target 1.3 Tcf of gas and 16 million barrels of liquids (gross) with a volume-weighted geological chance of success of 69%.

Energean said it believes that success at Karish North could have a positive read-across to Karish East; technical analysis indicates that the fault between Karish North and Karish East does not form a barrier and, therefore, does not limit the extent or flow of any hydrocarbons.

Karish East contains gross prospective resources of 0.5 Tcf of gas and 7.5 million barrels of liquids with a volume-weighted geological probability of success of 70%. Karish North will also provide important read-across information for the Karish Main structure.

Drilling of the three Karish Main development wells will immediately follow Karish North and completion is expected by year end 2019.