Energean Oil & Gas Bids for Three Blocks in Greece

Energean Oil & Gas Bids for Three Blocks in Greece

Energean Oil & Gas, an international independent oil & gas E&P company headquartered in Athens, Greece, with a current focus on the Mediterranean and North Africa region, announces its participation in the Greek Open Door process for hydrocarbons exploration rights in three areas of western Greece.

Energean as operator teamed up with partners for the three blocks as follows:

Area of Ioannina (onshore / 4,187 sq. km)

Energean Oil & Gas, Petra Petroleum and Schlumberger as Strategic Technical Partner

Area of Patraikos Gulf (offshore / 1,892 sq. km)

Energean Oil & Gas, Trajan Oil & Gas and Schlumberger as Strategic Technical Partner

Area of Katakolo (offshore / 545 sq. km)

Energean Oil & Gas, Trajan Oil & Gas and Schlumberger as Strategic Technical Partner Energean is the only operator of Oil and Gas in Greece operating the development areas of Prinos and South Kavala, where it holds a 100% interest. The Company’s oil and gas assets have been in production since 1977 through a system of three offshore oil platforms, one gas platform and a comprehensive onshore plant with 500,000 bbls of crude oil storage capacity, Energean also operates two exploration licenses in Egypt.

Commenting on the bids submission, Mr. Mathios Rigas, Energean’s CEO said: “We have an excellent understanding of the area, bring together word class capabilities and expertise combined with local presence and have a long history of successful and safe operation in environmentally sensitive areas. Bidding for the three blocks is a natural extension of our presence in the Greek market and we trust that this bid round will signal the re-opening of exploration for Greek Oil & Gas that has significant potential, as proven by the success story of the Prinos field that we have managed to rejuvenate.”

Press Release, July 4, 2012

 

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