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Energean completes acquisition of Total's stake in Block 2 offshore Greece

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Oilfield Technology,

Energean has completed its acquisition of Total’s entire 50% working interest share and operatorship position in Block 2, offshore western Greece.

Combined with the 25% working interest that was acquired through the acquisition of Edison E&P, Energean’s working interest in the block is now 75%; Hellenic Petroleum holds the remaining 25%.

The acquisition provides Energean with additional exploration opportunities in its core area of the Eastern Mediterranean and Block 2 carries limited remaining financial commitments to satisfy the minimum work obligation.

Work on the licence to date has identified that it contains part of a large four-way dip closure that is covered by 2D seismic and represents a potential future drilling prospect.

The prospect is thought to be an analogue to the producing Vega field offshore Italy, in which Energean is operator with a 60% working interest, following the completion of the acquisition of Edison E&P. Energean also participates in the adjacent 84F.R-EL block offshore Italy, pending award.

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