Energean farms out assets in Western Greece to Repsol

March 31, 2017

MAROUSI, Greece -- Energean Oil & Gas has announced that it has agreed to farm out a 60% interest in its Ioannina and Aitoloakarnania Blocks, onshore Western Greece, to Repsol. Repsol will also become the Operator for both blocks.

The agreement is subject to the approval of the Greek Government and the signing of the Aitoloakarnania License Agreement between Energean and the Greek Government.

Mathios Rigas, chairman and CEO of Energean Group, and Mikel Erquiaga, new ventures director at Repsol, signed the farm out agreement for two blocks in Western Greece. Photo: Energean Oil & Gas.

Repsol plans to acquire a 2D seismic survey over the Ioannina Block in 2017-2018, and to conduct an FTG and a 2D seismic survey over the Aitoloakarnania Block in 2018-2019.

The Ioannina and Aitoloakarnania Blocks, covering a total of 8,547 km2, are priority exploration targets for Energean and strategically important for the Greek oil & gas sector. The blocks are located onshore Western Greece and are part of the Hellinide fold belt, which hosts the prolific Ionian basin and Apulian platform and are on trend with recent large discoveries made in Albania. In total over 10 Bbbl of oil and 30 Tcf of gas have been discovered throughout this region primarily in Albania, Italy and Croatia.

Mathios Rigas, chairman and CEO of Energean Group, commented: “We are delighted that Repsol has agreed to farm into Energean’s Ioannina and Aitoloakarnania Blocks, which represents a significant step forward for the development of the Greek oil and gas sector. Repsol’s expertise and Energean’s knowledge of the area’s geology will undoubtedly drive forward the possibility of making new discoveries in Western Greece, and developing this region as a significant new oil and gas province.”

“Energean has championed and developed Greece's oil and gas sector by producing from the Prinos oil field, through the implementation of low cost investment programs and using its own infrastructure. The Company has a track record of achieving value accretive deals and teaming up with high quality international partners that operate in the sector. Through the development of the recently acquired Karish and Tanin natural gas fields, offshore Israel, together with highly prospective exploration projects in Western Greece and Montenegro, Energean is moving towards the fulfillment of its vision to become a leading independent E&P company in the Eastern Mediterranean.”

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