The Energean company announced to the Tel Aviv and London stock exchanges Thursday that its Hermes exploration well in Israeli maritime waters has yielded a new commercial gas discovery of 7–15 billion cubic meters, according to estimates.

Hermes is located southeast of the Karish field, to which the UK-Greek company holds the production rights.

The Stena IceMax drilling rig has now moved to the so-called Olympus area, located between Energean’s Karish and Tanin fields. The company hopes that exploration will enable it to further refine estimates of natural gas there, which currently stand at a theoretical 58 billion cubic meters, according to Energean’s notice.