Energean farms into Sara, Myra blocks offshore Israel

Energean has reached an agreement to farm into the Sara and Myra licences, located in the Mediterranean Sea, offshore Israel.

According to the agreement, subject to approvals from the relevant Israeli authorities, Energean will take 25% in the blocks and also become the operator.

The Sara and Myra blocks are located Mediterranean Sea, 60-80 km west of Hadera, at a water depth of 1,350-1,450 meters.

Energean is a company registered in Cyprus and is a part of a group of Greek international companies engaged in the E&P industry active in the Mediterranean area and North Africa, with operation in Greece and Egypt.

Energean is a marine operator in Greece and in Egypt and is the sole operator of oil and gas production in Greece. Also, the company recently signed MOU to form a joint venture with Ocean Rig. Ocean Rig is a company specialized in drillings in ultra‐deep‐waters with worldwide activity.

On the agreement, the President and CEO of Energean Oil & Gas Mathios Rigas said: “The entrance of Energean Oil & Gas and exploiting deposits in Israel marks a new era for the company and is, simultaneously, a major challenge for research and exploitation of hydrocarbons. It is the first time we attempt drilling at such depths in the Levantine Basin.”

During 2012 ‘Myra-1’ & ‘Sara-1’ wells were drilled. The two drillings reached the final TVD Subsea. Sands were encountered in the Miocene (Myra) Lower Miocene / Upper
Oligocene (Sara) but they appeared to be water saturated and no significant quantities of hydrocarbons were detected.

According to information on the website of one of the partners in the area, Modiin Energy, further drilling is scheduled to occur within a month.