Energean has a 40% working interest in the Ioannina licence, in which Repsol is the Operator and holds the remaining 60%.
Aitoloakarnania is a large underexplored block of 4,360 km2.
During the first exploration phase, basic environmental studies will be implemented, as well as geological and geophysical surveys.
A 2D seismic survey will follow, during which data from 400 km lines will be acquired.
The Aitoloakarnania block is located onshore Western Greece and is part of the Hellinide fold belt, which hosts the prolific Ioanian Basin and Apulian platform, placing it on a par with recent large discoveries 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.
History of exploration
Eight wells (find the locations on the map) have been drilled in the block to date. In the early 1960s, BP targeted a Triassic evaporite strata that tested small quantities of 37 deg oil during a test at ~4,000 metres.
Between 1999 and 2000 , Triton drilled two shallow commitment wells (TD at ~ 1,500 metres), which failed to test viable prospects.
The block remains significantly underexplored, with very large areas of evaporite outcrop which indicates sub-evaporite targets. IAdditional exploration potential is associated with Ionian Zone carbonates thrust structures