Energean Israel Appoints Stena Drilling For the Development Drilling of the Karish Field, Offshore Israel

Stena Forth drillship to commence a three well programme in Q1 2019

LONDON–(BUSINESS WIRE)–Energean Oil & Gas is pleased to announce that Energean Israel has
signed a contract with Stena Drilling for the development drilling of
the Karish Field, offshore Israel.

Pursuant to the contract, Stena Drilling will deploy the Stena Forth
drillship (or such substitute as may be agreed by the parties) to drill
three development wells in Q1 2019 (with provision made for further
options), subject to Energean’s Final Investment Decision (FID)
regarding the Karish and Tanin gas fields.

The Stena Forth, one of the DrillMAX Fleet vessels, is a DP Class 3
ultra-deep water drillship with a track record in world-wide operations,
ranging from the Mediterranean (Libya), Egypt (Gulf of Suez), Malaysia,
Greenland and the US (Gulf of Mexico).

The Stena Forth will be mobilised from Las Palmas, Spain, where she is
currently located. The Karish development programme includes the
drilling of three development wells and production from a new Floating
Production, Storage and Offloading (FPSO) vessel, approximately 90km
offshore. First gas is expected in 2021.

Stena Drilling is headquartered in Aberdeen, Scotland, and is one of the
world’s leading independent drilling contractors, a wholly-owned
subsidiary of Stena AB, Gothenburg, Sweden.

Energean considers this to be a significant step in the development of
Karish and part of a development plan which targets supplying gas to the
growing Israeli gas market. Stena Drilling’s calibre, experience and
safety record was crucial in making this decision, given Energean’s
commitment to achieving the highest standards of HSE performance and the
requirement to operate in line with or exceed the European Directive on
Safety of Offshore Oil & Gas Operations, as implemented by the UK safety
directive.

ENDS

Contacts

Media Enquiries:
Energean Oil & Gas
Sotiris
Chiotakis
[email protected]
+30
6932663877
or
Instinctif Partners
David Simonson / Laura
Syrett / George Yeomans
+44 20 7457 2020