Exploration and production group Energean has signed a rig contract with Stena for its Israeli offshore drilling campaign.
Energean said on Monday that the contract would cover the drilling of three firm wells and two optional wells, with the first firm well expected to spud in the first quarter of 2022.
The FTSE 250-listed firm stated the deal would advance its 2022-2023 growth drilling programme in Israel, which was expected to target the derisking of unrisked prospective recoverable resources of over 1.0bn barrels of oil equivalent.
Energean also noted that the drilling campaign would be undertaken using Stena’s Icemax drillship, a state-of-the-art ice-class harsh environment dual-activity dynamically positioned drillship, capable of drilling in water depths of up to 10,000 feet.
Chief executive Mathios Rigas said: “We are delighted to be working with Stena again.
“Our five-well growth programme offshore Israel, commencing 1Q 2022, has the potential to double Energean plc’s reserve base with resource volumes that can be quickly, economically and safely monetised. Combined with first gas from our flagship Karish gas development project in mid-2022, the next 12-months are set to be truly transformational for Energean.”
As of 0835 BST, Energean shares were down 0.91% at 761.0p.
