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Energean Oil & Gas Plc, Greece's only energy explorer and producer, said it signed a financing agreement with Morgan Stanley and other banks for $1.27 billion to finance development of two natural gas fields off the coast of Israel.Karish and Tanin hold 2.4 trillion cubic feet of contingent gas and the same amount of potential reserves, or unrisked prospective resources, with a 70 percent chance of discovery, Rigas said. Energean has committed to supply about 4.2 billion cubic meters of gas a year to a dozen companies in Israel, and any gas it produces above that level may be exported, "depending on commercial terms, " he said. It will be the first such facility to operate in the eastern Mediterranean, Rigas said.
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