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Energean PLC on Monday lauded "a commercial gas discovery" from exploration at its Zeus-01 well in Israel.
Energean is a FTSE 250-listed London-based gas exploration and production company.
Shares were up 4.0% at 1,601.00 pence each on Monday morning in London.
It said findings indicate the structure contains 13.3 billion cubic meters of recoverable natural gas resources, compared to pre-drill estimates of 10 billion to 12 billion. It is now undertaking post-well analysis of the data collected during the drilling.
Energean said its reserve auditor has also certified contingent resources of 11.75 billion cubic meters at the Athena discovery, which houses Zeus-01, an increase of 3.75 billion from a preliminary estimate.
The company added that the results from the Zeus well and the Athena post-well analysis provided Energean with "additional confidence about the volumes and commerciality of the Olympus area2.
It expects to update the market on the total resource volumes within the Olympus area early next year, taking into account the uplifted volumes in both Zeus and Athena.
"Following the start of production from our Karish reservoir last week, I am pleased that our drilling programme, which has now delivered five successful wells from five, continues to deliver value, ensuring security of supply and energy competition across the region. We are evaluating a number of potential commercialisation options for the Olympus area that leverage both new and our existing, unique Med-based infrastructure, and we expect to commit to a development concept in 1H 2023," Chief Executive Officer Mathios Rigas said.
Last month, Energean said it achieved first gas from the Main-02 well at Karish field in offshore Israel.
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