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Energean Signs Licence Agreements for Ioannina & Katakolon Blocks

Source: www.gulfoilandgas.com 5/14/2014, Location: Europe

Energean is pleased to announce that the Greek Government signed Licence Agreements for the Ioannina and Katakolon blocks with the consortia of Energean and Petra Petroleum for Ioannina, and with Energean and Trajan Oil for Katakolon, This marks an important step towards achieving the first oil and gas production from new licence areas in Greece in over 30 years.

The contracts were signed by Minister of Environment, Energy and Climate Change, Mr. Ioannis Maniatis, in the presence of the Vice President of the Greek Government Mr. Evangelos Venizelos, UK Energy and Climate Change Secretary Mr. Edward Davey and the Ambassador of Canada in Greece Mr. Robert Peck.

Ioannina is an onshore block, located in Epirus, Western Greece, covering an area of 4,187 square kilometers. The area has analogues of proven and producing oil fields in Albania, Italy and the wider region of the Adriatic Sea, leading Energean to estimate that up to 100 million barrels of oil or 2 trillion cubic feet of natural gas could potentially be discovered. The €32.4 million investment programme for the planned three exploration phases over 7 years, will consist of 2D seismic data reprocessing, geological surveys, new seismic data acquisition in the 1st phase and the drilling of two wells during phases 2 and 3. The consortium consists of Energean (80% working interest and Operator) and Canadian listed Petra Petroleum (20% working interest).

Katakolon is an offshore block, located in Northwestern Peloponnese, covering an area of 545 square kilometers. It is a proven oil field from an exploration well drilled in 1981 by the state owned company DEP-EKY. Energean estimates 5 million barrels of oil can be recovered from Katakolon. The development plan includes drilling from an onshore location by means of Extended Reach Drilling (‘ERD’). The €15.6 million investment programme during the two exploration phases over 5 years, will consist of 2D and 3D seismic data reprocessing, field development and environmental assessment studies in the first phase and new seismic data acquisition if required, as well as the drilling of a production well. The consortium consists of Energean (60% working interest and Operator) and UK headquartered Trajan Oil (40% working interest).

Both licences expire in 30 years and both contracts are subject to Greek Parliament ratification.

Energean Oil & Gas Chairman and CEO Mr. Mathios Rigas commented:
“We are very pleased that Energean has been awarded two out of three blocks in the open door licencing round, as we take the first steps into a new phase of hydrocarbons development in Greece.

“We firmly believe that there are petroleum systems in the western part of the country, as a continuation of the same geological features identified in the Adriatic Plate. Energean has an impeccable track record in operating in environmentally sensitive areas, and will we will conduct our operations in Ioannina and Katakolon with the utmost regard for the environment, ensuring there will be no impact from our activity on the two blocks. “Building on our revival of production at Prinos, Energean and our staff are ready to meet the new challenge of working towards achieving oil and gas production from new areas in Greece for the first time in 33 years. Moreover, the implementation of our new investment programme which, including Prinos, will total more than €200 million over the next few years, will demonstrate that Greek companies are well positioned to both support and benefit from the recovery of the Greek economy.”

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