Energean Purchases New Rig and Begins New $225 Million Investment Programme In Kavala, NW Greece
27 August 2014 - 8:47PM
Business Wire
Energean Oil & Gas, the international oil & gas
exploration and production company focused on the Mediterranean and
North Africa, launched a new $225 million investment programme to
develop 30 million barrels of reserves in North West Greece and to
increase production from the Prinos, Prinos North and Epsilon
fields to 10,000 bbls/day by 2016.
The new investment programme involves the drilling of 15 wells
and the installation of two new unmanned platforms for the Prinos
North and Epsilon fields which will be tied back to the existing
infrastructure Energean already operates.
In addition, Energean has purchased the tender assist drilling
rig Glen Esk from KCA Deutag and will be utilising its own drilling
crews to drill the wells, significantly reducing drilling costs and
giving Energean operational flexibility to maximise recovery of the
reserves from the Prinos basin. The new rig will be re-named
“Energean Force” and is expected to commence drilling in Greece in
the beginning of December.
Commenting on the rig purchase and the beginning of the new
investment programme, Mr. Mathios Rigas, Chairman and CEO of
Energean Oil & Gas, stated:
“Energean has invested more than $250 million since 2007 and
managed to keep Greece on the global map of hydrocarbon producing
countries. Prinos, the only proven and producing oil field in
Greece, has already produced 115 million oil barrels, even though
reserves were initially estimated at 60 million oil barrels. Now
Prinos is entering a new era, as Energean investments and
scientific surveys have proven that there is significant scope for
extracting additional production through the drilling of new wells
and through the extended use of enhanced oil recovery techniques,
at a time during which the Greek hydrocarbon sector is set to play
a significant role in the attempt to lead Greece’s economy back to
growth again, after a 7-year period of recession”.
Energean recently announced that according to the Competent
Persons Report (“CPR”), completed by independent consultant ERC
Equipose LTD, the recoverable oil reserves (2P) of its assets in
the Gulf of Kavala exceed 30 million bbls, while 2C resources stand
at 27 million barrels.
Energean Oil & GasSotiris ChiotakisTel.
+306932663877schiotakis@energean.comorInternational MediaInstinctif
PartnersDavid Simonson / Catherine WickmanTel. +44 (0)20 7457
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