Energean Oil & Gas this past week said a total investment of 1.6 billion euros to exploit a pair of major deposits - Karish and Tanin - in Israeli waters will proceed as planned.
According to a press release by the Athens-based company, 405 million USD out of the 460 million USD it accumulated from its listing on the London Stock Exchange (LSE) will cover up to 70 percent of its investment in the project. The remaining 30 percent will come from Kerogen Capital, a partner in the project to exploit the two deposits.
At the same, Energean's Israeli subsidiary has reached a financing agreement worth 1.275 billion USD with Morgan Stanley, Natixis, Bank, Hapoalim and Societe Generale.
Energean has already announced long-term agreements for the sale of natural gas - to be derived from the two deposits - to power producers and large industrial units in Israel. Signed contracts so far refer to the distribution of 61 billion cubic meters of natural gas over a 16-year period in the Mideast country.
