Wonderful news! After six years without any new natural gas explorations or discoveries in Israel, a report was released today by the Greek Energean Oil and Gas company about a new natural gas discovery in the Karish North gas field. Company reports said that 28-42 BCM of natural gas was found in the reserve during exploratory drilling. It is important to understand that this is a quantity of natural gas that is nearly three to four times the State of Israel’s annual natural gas consumption.

Points that are important to know in the wake of the discovery and the company’s reports:

1. The amount of natural gas contained in the Karish-Tanin gas fields is expected to rise from 67 BCM to somewhere between 91-109 BCM
2. Energean Oil and Gas believes that there are another 28 BCM of natural gas in the Karish gas field area.
3. Estimates by Energean show that the potential exists for the discovery of another more than 140 BCM in the Tanin licensed area and in the surrounding areas licensed to Energean

There is no doubt that Energean’s discovery of natural gas constitutes another milestone in the development of the Israeli natural gas industry and that it is important to our energy independence and to the improvement and competitiveness of the Israeli gas industry. Tremendous potential exists for finding more natural gas in Israeli territorial waters and this discovery has given the industry a significant push forward.

Congratulations Energean Oil and Gas.