Gulf Oil and Gas accountACCOUNT

Energean Signs Concession Contract for Two Blocks in Montenegro

Source: www.gulfoilandgas.com 3/15/2017, Location: Europe

Share |
Energean Oil & Gas (Energean) has signed an exploration and production Concession Contract with the State of Montenegro covering offshore blocks 4219-26 and 4218-30, following approval from the Parliament of Montenegro. The contract was signed by Mrs Dragica Sekulic, Montenegro’s Minister of Economy, and Mathios Rigas, Chairman and CEO of Energean Group, at a ceremony held earlier today in Podgorica.

Total investment over an exploration period of seven years will be US$ 19 million, including the funding of a new 3D seismic survey, geophysical and geological studies, and the drilling of one well. The two blocks are located offshore at a water depth of 50-100 meters, close to the Montenegrin coast in the vicinity of the town of Bar. Energean plans to begin the 3D seismic acquisition during the first quarter of 2018.

The Eastern Adriatic has been substantially underexplored to date, despite having similar geology to the wider Adriatic Zone, which is well known for its prolific hydrocarbon systems in Italy, Albania and Croatia, and has been a significant oil and gas producing region for over 50 years. This latest announcement further underpins Energean’s commitment to seeking to open up the oil and gas opportunities in this highly promising territory.

Energean Group Chairman & CEO, Mr. Mathios Rigas, commented:

“I am delighted to sign this Concession Contract, which marks a significant day for Energean and our continued growth, as we enter the highly promising Adriatic region. Whilst a number of major oil and gas companies left the area during the period of sustained low oil prices, Energean remained committed to pursuing the development of the region, and is now extremely well placed to take advantage of this commitment and focus.

“We believe the geology to be similar to that in Western Greece, where we have been exploring since 2014 (onshore Ioannina), have a Field Development Plan in progress offshore West Katakolo, and are ready to sign a new contract for a further block (onshore Aitoloakarnania).

“Furthermore, our strong track record of operating in environmentally sensitive areas, successfully operating the Prinos oil field in Northeastern Greece, which has been producing oil since 1981, ideally places us to drive through this project for the benefit of the local economy and Montenegrin people.”

Acquisitions and Divestitures News in Albania >>

Ireland >>  10/18/2017 - Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides an update on Licensing Option (LO) 16/27. Providence is pleased...
Canada >>  10/17/2017 - Tangle Creek Energy Ltd. (Tangle Creek) has closed an acquisition of assets primarily in the Waskahigan and Kaybob areas of Alberta. Included in the a...

Italy >>  10/17/2017 - Saffron Energy, the AIM quoted European natural gas company, has been awarded a Production Concession for its Sant' Alberto gas field from the Italian...
Colombia >>  10/16/2017 - Frontera Energy Corporation (FEC) announces that it has signed an agreement to acquire the outstanding 36.36% ownership of Pacific Midstream Limited (...

Australia >>  10/13/2017 - Key Petroleum has announced that subsequent to the agreement of binding terms for the acquisition of AWE's 100% interest in Production Licence L7 (R1)...
United States >>  10/13/2017 - Chaparral Energy, Inc. has entered into a definitive agreement to sell its North Burbank and Texas Panhandle enhanced oil recovery (EOR) assets for $1...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Albania Oil & Gas 1 >> 

More News

 

Oil & Gas Companies in Albania >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.