Energean plc announced that it has made a new commercial gas discovery by the Athena exploration well, offshore Israel

The discovery was  made in the A, B, and C sands by the Athena exploration well, Block 12. According to preliminary analysis, Athena contains recoverable gas volumes of 8 billion cubic meters (283 bcf / (51 mmboe) on a standalone basis.

According to the company’s statement, the importance of this discovery is that it de-risks an additional 50 bcm (1.8 tcf / 321 mmboe) of mean unrisked prospective resources throughout Energean’s Olympus Area (total 58 bcm / 372mmboe including Athena).

Athena is a part of the Olympus Area, as are the undrilled prospects associated with Block 12 and Tanin Lease, which is part of the newly defined Energean territory.

By tying Athena to Energean Power’s FPSO, the Karish-Tanin development can be commercialized in the near future. It could also be included in a new Olympus Area development. In light of this, Energean is actively exploring commercialization options for the wider Olympus Area (potentially including Athena).

Energean’s Chief Executive Officer, Mathios Rigas, said: “This discovery and the broader de-risking of a number of prospects in the Olympus Area reaffirms the role of the East Mediterranean as a global gas exploration hotspot. It strengthens our commitment to provide competition and security of supply to the region, enables the optimization0 of our Israel portfolio and fulfills one of our key milestones for 2022.”