Energean plc (LSE: ENOG, TASE: אנאג) is set to launch a new drilling program in Israeli waters in 2026, focusing on the development of the Katlan natural gas field. The program will kick off with the drilling of two key wells, "Athena" and "Zeus," which are projected to yield an estimated 26 billion cubic meters (bcm) of natural gas—equivalent to approximately 170 million barrels of oil equivalent (mmboe). Earlier this year, in February, Energean contracted Saipem to oversee the drilling of these wells, with the option to drill two additional wells as well. Furthermore, drilling at the "Hera" and "Apollo" discoveries is anticipated to commence in 2028.

This announcement was made as part of Energean's communication to both the London and Tel Aviv stock exchanges on Thursday, March 20. The company confirmed that the first production of natural gas from the Katlan field is expected in the first half of 2027, with promising opportunities for exports to broader regional markets. In addition, Energean reported that Israel's Ministry of Energy has validated the discoveries of the "Dragon (Hermes)" (License 31) and "Hercules" (License 23) fields, paving the way for further development efforts in the region.