During February 2018, parliament is expected to approve the Lease Agreement for Energean Oil & Gas' Aitoloakarnania onshore block. Energean signed the Lease Agreements with the Greek Government on 25 May 2017 after they were approved by the Court of Auditors, following pre-award in the Onshore Western Greece Tender in February 2016. Energean will be given a three-phase, seven-year exploration term once the contract is ratified by the parliament. Aitoloakarnania (4,360 sq km) is located on the southwest coast of mainland Greece and is largely underexplored. In addition to the acquisition of 400 km of 2D seismic (2018/2019), Energean has drawn-up plans to conduct seismic reprocessing and Full Tension Gravity Gradiometry and Aeromagnetic surveys in Phase I (three years), with the drilling of two wells to follow in Phase II and III (two years each). In March 2016, Energean agreed to farm out 60% operated interest in Aitoloakarnania to Repsol for an undisclosed value, subject regulatory approval. A similar 60% operator share farm out for the Ioannina block was formally completed on 28 September 2017.
parliament is expected to approve the Lease Agreement for Energean Oil & Gas' Aitoloakarnania onshore block.