Energean PLC on Wednesday said it has achieved first gas from the Karish field, offshore Israel.
The FTSE 250-listed gas exploration and production company said the gas comes from the Main-02 well, with the flow being ‘steadily ramped up’.
The Main-01 will be opened up in the next two weeks, with the Main-03 well to follow two weeks after. Energean expects gas sales to commence in the next couple of days, as it prepares for transition via the gas sales pipeline.
Shares in Energean rose 2.3% to 1,351.00 pence in London on Wednesday afternoon.
‘We have delivered a landmark project that brings competition to the Israeli gas market, enhances security of energy supply in the East Med region and brings affordable and clean energy that will displace coal-fired power generation, making a material impact to the environment,’ said Chief Executive Officer Mathios Rigas.
The Energean floating production storage and offloading and sales gas pipeline have an ultimate capacity of 8 billion cubic meters per annum. The initial capacity is up to 6.5 billion per year, and it expects commercial gas sales to reach this level in around four to six months.
The firm said the second oil train are second export rise are on track to be completed late next year. After this occurs, it will be able to produce to its full capacity.
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