Energean : completes acquisition of stake in Block 2, offshore Greece
January 07, 2021 at 03:56 am
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Energean plc ("Energean" or the "Company")
Energean completes acquisition of stake in Block 2, offshore Greece
London, 7 January 2021 - Energean plc (LSE: ENOG, TASE: גאנא), is pleased to announce that it has completed its acquisition of Total's entire 50% working interest share and operatorship position in Block 2, offshore Western Greece. Combined with the 25% working interest that was acquired through the acquisition of Edison E&P, Energean's working interest in the block is now 75%; Hellenic Petroleum holds the remaining 25%.
The acquisition provides Energean with additional exploration opportunities in its core area of the Eastern Mediterranean and Block 2 carries limited remaining financial commitments to satisfy the minimum work obligation.
Work on the licence to date has identified that it contains part of a large four-way dip closure that is covered by 2D seismic and represents a potential future drilling prospect.
The prospect is thought to be an analogue to the producing Vega field offshore Italy, in which Energean is operator with a 60% working interest, following the completion of the acquisition of Edison E&P. Energean also participates in the adjacent 84F.R-EL block offshore Italy, pending award.
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Energean Oil & Gas plc published this content on 07 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 January 2021 08:55:02 UTC
Energean plc is an exploration and production (E&P) company with operations across the Mediterranean and the United Kingdom North Sea. The Company has a portfolio of production, development, and exploration assets throughout the Greater Mediterranean region. It operates through four segments: Europe (including Greece, Italy, United Kingdom, Croatia), Israel, Egypt, and New Ventures. In Greece, it operates Prinos Concession, Prinos CO2, South Kavala, Katakolo, Ioannina, and Block 2. In Italy, it operates Cassiopea, Vega, Rospo Mare, Clara Complex, and Sarago Mare. In the United Kingdom, it operates Scott & Telford, Glengorm, and Isabella. In Croatia, it operates Izabela and Irena fields. In Israel, it operates Karish; Karish North; Tanin; Blocks 12, 21, 23 and 31; Blocks 55,56,61,62; and Katlan. In Egypt, it operates Abu Qir, North El Amriya and North Idku, and North East Hapây. The Companyâs flagship development assets are the Karish, Karish North and Tanin fields, offshore Israel.