ENERGEAN
emerges as a regional Oil & Gas player in the
East Mediterranean
Energean Oil & Gas obtained the licenses for Kavala Gulf oil & gas fields in 2007 and through
investments of 180 million euros and 4 jack-up rigs in Greece, the company has managed to
revive the country’s oil and gas production.
The company has initiated a new 165-million-euro investment programme for 2014-2016. This
programme includes the purchase of the tender–assist rig “Glen Esk”, which is going to be
renamed “Energean Force”, the drilling of 15 wells at the Prinos, Prinos North and
Epsilon oil fields and the Installation of two offshore platforms. As a part of the new
investment programme, two new unmanned offshore platforms are going to be installed at the
Prinos North and Epsilon oil fields, while the supply vessel “Valiant Energy” will take on a
supportive role. Through the new investments, Energean aims to increase production to 10,000
barrels daily, as 30 million oil barrels (2P) have already been audited by the independent ERC
Equipose auditor.
Exploration upside increases for Energean through the two new licenses which the company
obtained for hydrocarbon exploration and exploitation at the Ioannina onshore and Katakolon
offshore blocks IN Western Greece. The Ioannina block is an analogue to already producing and
proven oil and gas fields of Albania and Italy, while Katakolon is a proven oil field of 3-5 million
oil barrels with potential upside. Furthermore, Energean evaluates all data available under the
prospect of participating