Greek oil drilling sector relaunched, Energean CEO says

Energean Oil & Gas has informed that on Thursday, 18 September, the Greek Parliament ratified its Licence Agreements for oil and gas exploration and production at the Ioannina and  Katakolon blocks, Western Greece.

Energean holds a 60% interest and acts as the operator of the Katakolon offshore block, while British  Trajan Oil & Gas holds the remaining 40%.

Additionally, Energean owns an 80% interest in the Ioannina onshore block and acts as the operator, while Canadian  Petra Petroleum holds the remaining 20%.

Mathios Rigas, Chairman and CEO ofEnergean Oil & Gas, commented: “The ratification of the Licence Agreements for the Ioannina and Katakolon blocks  re-launches the Greek hydrocarbon exploration sector. Energean has played a  significant role ahead of this development, as we have revived oil production from  Prinos by investing more than €180 million since 2007. Energean is ready to  explore and develop the new blocks, in line with the strictest environmental  standards, which will ultimately support the recovery of the Greek economy.”

 

September 22, 2014

 

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