Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of
FT.comT&Cs and Copyright Policy. Email email@example.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
Shares in London-listed Greek oil and gas explorer Energean jumped 10 per cent on Monday after the Mediterranean-focused company announced a major discovery off Israel. Energean, which was founded by petroleum engineer and former energy banker Mathios Rigas last decade, has seen its shares soar over 90 per cent since listing on London’s FTSE 250 last year, marking it out as a rare recent success story among listed independent exploration and production companies. The company said on Monday its Karish north well off the coast of Israel had discovered between 1tr and 1.5tr cubic feet of natural gas, becoming the latest big discovery in the Eastern Mediterranean basin. “This is a substantial amount of gas that we have found but crucially it is gas that can be quickly commercialised,” Mr Rigas told the Financial Times. The company has a Floating Production Storage and Offloading (FPSO) vessel close to the field and a provisional contract with an Israeli power plant. The eastern Mediterranean region is rapidly transforming into a major gas hub following discoveries off Egypt, Cyprus and Israel that are set to see the basin become a significant exporter of the fuel, attracting attention from energy giants such as ExxonMobil, Eni and Total. Shares in Energean rose as much as 11 per cent to an all-time high of 866p a share, before easing slightly to 850p, valuing the company at more than £1.3bn. Israeli Minister of Energy, Yuval Steinitz, congratulated Energean for the discovery, said it was a “significant” amount of natural gas discovery and forecast that “further discoveries will follow — and turn the State of Israel into a regional gas hub”. Energean said: “Further evaluation will now be undertaken to further refine resource potential and determine the liquids content of the discovery.”