Exploring W.Greece with Repsol

Energean has agreed to farm out a 60% interest in its Ioannina and Aitoloakarnania blocks, onshore Western Greece to Repsol. Repsol will be the Operator on both blocks

Repsol plans to acquire a 2D seismic survey over the Ioannina block in 2017/2018, and to conduct an FTG and 2D seismic survey over the Aitoloakarnania block in 2018/2019. The Ioannina farm out has been approved by the Greek Government. The approval of the Aitoloakarnania farm out is expected after the Greek Parliament ratifies the License Agreement signed between Energean and the Ministry of Energy.

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 a par with recent large discoveries made in Albania.

In total, over 10 billion barrels of oil and 30 TCF of gas have been discovered throughout this region primarily in Albania, Italy and Croatia