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Israeli Court Dismisses Petition Against Karish-Tanin Development

Source: www.gulfoilandgas.com 5/3/2018, Location: Middle East

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Energean Oil & Gas (LSE), the independent oil and gas exploration and production company focused on the Eastern Mediterranean, announces that the petition filed by Hof Hacarmel Regional Council against the Israeli Ministry of Energy, the Petroleum Commissioner, two Planning and Construction authorities, Energean Israel and an environmental union of local authorities for Sharon-Carmel, in connection with the Karish-Tanin Development, has been dismissed by the Israeli Supreme Court.

Energeanís Field Development Plan for the Karish-Tanin Development was approved by the Israeli Petroleum Commissioner in August 2017. The Company approved the Final Investment Decision to proceed with the Karish-Tanin Development in March 2018, having secured finance and equity funding for the project, and having signed twelve Gas Sale & Purchase Agreements with significant industrial consumers in the Israeli market for a total of 61 BCM of natural gas over an average period of 16 years.

Energean is planning to deliver gas to the Israeli market from the Karish-Tanin Development in 2021, and is on track with its project milestones to achieve this timeline.

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