Energean sets timeline for Zeus well spud off Israel

Oil and gas company Energean plans to start drilling the Zeus exploration well, located offshore Israel, in March this year.

Stena DrillMax drillship; Source: Cairn

Zeus is located in Block 12, between the Karish and Tanin leases, and a discovery would be commercialized through the Energean Power FPSO.

Energean said in November 2019 that the Zeus well would be drilled in 2020 following the completion of the three Karish Main development wells.

In an update on Wednesday, Energean said it had completed the drilling of the three Karish Main development wells during 2019. The wells were drilled using the Stena DrillMax drillship. Completions are currently being run and the christmas trees are expected to be installed before end of the first quarter of 2020.

All three development wells will then be ready for integration with the subsea infrastructure and hook up to the FPSO, Energean said.

Energean further added it expects to spud the Zeus exploration well, targeting 0.6 Tcf of Gas Initially in Place (GIIP) in March 2020. The Zeus well is expected to cost $35 million gross.

In addition to Zeus, Energean is preparing to drill two additional exploration wells during 2020, which will be contingent on the results from Zeus. Prospects being evaluated for drilling include Athena (0.6 Tcf GIIP, Block 12), Hera (0.4 Tcf GIIP, Block 12), and Poseidon (1.0 Tcf GIIP, Block 21).

Following this campaign, the rig will be released to another operator, which will execute a 3-4 well campaign in the region. Afrer this, Energean intends to take the rig back for the remaining options under its drilling contract.

Following the Zeus exploration well, Energean has five remaining drilling options under its contract with Stena Drilling.

Exploration activities during the second half of 2020 will focus on the analysis of well results and the re-processing, integration and evaluation of seismic data.

In related news, Energean has experienced a delay in delivery of a hull for its Energean Power FPSO, which is being built by a Cosco yard in China. The hull sailaway date has been deferred by 3.5 months.

Offshore Energy Today Staff

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