Energean Oil & Gas announced on 27 February 2020 that it had reached into an agreement with Total for the acquisition of the 50% stake held by the French major in the Block 02 offshore exploration permit located in the Ionian Sea. Upon completion of the deal, Energean will also assume the operatorship of the permit.  Commitments related to the current exploration period include the acquisition of 1,800 km of 2D seismic which should allow to de-risk the prospectively of the license. Energean estimates at EUR 0.5 million the cost associated with the seismic survey. The block encompasses a potential target consisting in a four-way closure at the top Jurassic of the Apulian Platform which could be an analog to the Vega oil field located offshore Sicily. About 40% of the structure extends into the adjoining d84F.R-EL exploration permit application sited in Italian waters and operated by Edison E&P, which will be controlled by Energean Oil & Gas upon completion of an acquisition deal to be closed during H1 2020 (see separate article).   The 2,422-sq km Block 02, located in the Ionian Sea, offshore Western Greece, was offered as part of the Second International Licensing Round 2014. The inventory included a total of 20 blocks, 10 of which were located offshore Western Greece, one offshore southern Greece and nine offshore southern Crete. The bid deadline was originally set to 14 May 2015 and was then postponed to 14 July 2015. Negotiations between a Total-led consortium (the sole bidder for the tract) and the Greek government were concluded on 17 March 2017 and the group was formerly awarded the block on 15 March 2018.   Interest in Block 02 is shared between Total E&P Greece B.V. (operator - 50%), Edison International S.p.A (25%) and Hellenic Petroleum SA (25%). Upon completion of both the acquisition of Edison E&P and the deal with Total, Energean will hold a 75% operating interest in the license. The balance will be held by Hellenic Petroleum SA.
Energean has signed to acquire Total's 50% operating stake in offshore block 2, 2,422 sq km in the Ionian Sea and home to a Jurassic prospect straddling the Italian border. Partners-to-be Energean (op, 75%), Hellenic + Edison (under buyout by Energean)