The Israeli government has officially recognized Energean plc’s discovery of a natural gas deposit at its Block 12 Katlan (Olympus) license, located between the company’s Karish and Tanin licenses.

Israel’s minister of national infrastructures, energy and water resources Israel Katz awarded Energean CEO Mathios Rigas his approval of the Katlan discovery, estimated to contain 68 bcm.

The Israeli government last recognized a natural gas deposit in 2015.

From a legal perspective, the ministry’s approval enables Energean to lodge a development plan application, which, once endorsed, will pave the way for the development of the deposit. In a few years’ time, it is expected to offer additional natural gas quantities for the Israeli market and, possibly, exports.

Energean hopes its Katlan/Olympus deposit will be developed to deliver natural gas ahead of Tanin as the new discovery can be easily connected to the neighboring Karish deposit, already producing natural gas.

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