The ratification by the Greek parliament of the contract signed by Energean Oil & Gas for to the Aitoloakarnania block located onshore Western Greece was published in the official gazette on 15 March 2017, which formalizes the award of the tract. The exploration terms will be for seven years divided into three exploration phases (3+2+2). Commitments include the acquisition of 400 km of new 2D seismic as well as various G&G studies during the first phase for a minimum expenditure of EUR 7.23 million. One exploratory well is required for both the second and third phases (minimum expenditure EUR 10 million each). It is recalled that in March 2017 the company reached into an agreement with Repsol for the farm-out of a 60% stake and operatorship in the Ioannina and Aitoloakarnania blocks.     Energean was selected as preferred bidder for the Aitoloakarnania block on 4 February 2016. The block was part of the âCall for Tenders for the exploration and exploitation of hydrocarbons Onshore Western Greeceâ, which was launched in 2014. The contract was signed on 25 May 2017 and ratified by Greek parliament on 28 February 2018. In the past, some 400 km of 2D seismic were recorded and eight wells were drilled in the area covered by the 4,360-sq km block.    Pending approval, interest share in the Aitoloakarnania exploration permit will be shared between Repsol Exploracion Ioannina SA (60% -operator) and Energean Oil & Gas SA (40%).
Greece, Ioannina