Offshore staff
LONDON – Energean Oil and Gas plc has agreed to acquire Total’s 50% working interest and operatorship of block 2 offshore western Greece.
Energean’s net remaining expenditure toward satisfaction of the minimum work obligation, which includes 1,800 km (1,118 mi) of 2D seismic acquisition and processing, is about €0.5 million ($550,000).
Work to date on the license has identified that block 2 contains part of a large, potential target comprising of a four-way closure at the Top Jurassic Apulia platform. The prospect is thought to be an analogue to the Vega field offshore Italy, in which Edison E&P operates with a 60% working interest. The structure is covered by sparse 2D seismic.
The feature straddles the Greek and Italian maritime border with about 60% of the prospect within the block 2 license with the remaining area part in Italian waters.
Edison E&P, of which Energean expects to complete its acquisition of during 1H 2020, holds 25% working interest in block 2.
After completing the Edison E&P transaction, Energean will hold 75% working interest in block 2. Hellenic Petroleum holds the remaining 25% working interest.
02/28/2020
