Energean booked 0.9 trillion cubic feet (Tcf) of recoverable natural gas to its Israeli offshore resources after appraising its Karish North discovery, the Mediterranean-focused gas producer said Nov. 4.
Karish North also holds some light oil, which brings the field up to 190 million barrels of oil equivalent. Energean said it plans to feed the resources into a floating production and offloading vessel the company commissioned for its other Israeli offshore gas fields.
Energean’s shares were up 2.4% at 922 pence by 08:33 GMT.
The group has already discovered about 2.4 Tcf at its Karish and Tanin fields, and it has offtake agreements into Israel lined up for 4.7 billion cubic meters (Bcf) a year from its 8 Bcf per year production vessel.
Earlier this year, Energean bought the oil and gas division of Italy’s Edison for up to $850 million, giving Energean exposure to Egyptian offshore assets to complement its Israel operations.
Gulfport Energy, whose production is focused primarily in the Utica Shale in Ohio and Scoop acreage in Oklahoma, also made a new commitment to using excess cash to pay down debt.
Paulson & Co. relented that it no longer opposes the merger of Houston-based independents Callon Petroleum and Carrizo Oil & Gas, though the hedge fund also cut its investment in Callon.
Today’s featured Forty Under 40 honoree is Kevin Crews, who has led teams that have signed or closed more than $5 billion worth of deals since joining Kirkland & Ellis as a founding partner.