Energean: Oil reserves offshore Greece up 10%

Energean Oil & Gas, the international oil & gas exploration and production company focused on the Mediterranean and North Africa, announces that estimated recoverable oil reserves (2P) at its assets in the Gulf of Kavala, offshore North Eastern Greece, have increased by more than 10 per cent. The reserves now exceed 30 bbls, compared to 27 million bbls a year ago.

According to the Competent Persons Report (“CPR”), completed by independent consultant ERC Equipose LTD, the recoverable reserves at the Prinos Oil Field are estimated at 11,9 million bbls, those at the Prinos North Oil Field are estimated 3.4 million bbls and those at the Epsilon Oil Field are 15 million bbls.

The upgraded reserves are based on the latest evaluation of data obtained from the ongoing study of the three oil fields and seismic survey reprocessing, as well as from information acquired during the drilling of two wells in Prinos, which were completed by Energean during the autumn of 2013.

ERC Equipose LTD note in their CPR that although Prinos and Prinos North are mature fields, there is significant scope for extracting additional production via a broad range of operational initiatives, the suitability of which are currently being assessed.

Measures being considered include infill drilling and sidetracks to target by-passed oil, recompletion and/or additional perforating of existing wells on un-drained sands, optimisation of the distribution of lift gas and optimisation of water injection for pressure support and improved reservoir sweep.

Additionally, a phased development plan already prepared by Energean for Epsilon Oil Field will result in additional oil production from this field.

Commenting on the reserve upgrade, Mathios Rigas, Chairman and CEO of Energean Oil & Gas, stated: “We are delighted that the Prinos success story continues. The recoverable reserves (2P) in 2007, when Energean obtained the Prinos licences, were estimated at just 2 million oil barrels and an end to its production seemed both inevitable and immediate. Now, production from the Gulf of Kavala will continue for at least a further 15 years, and we will be announcing the detailed investment programme in Kavala shortly, which will safeguard jobs and local economic growth. The continued production at Kavala is the result of a €180 million investment by Energean over the last seven years, and the dedicated efforts of our technical and operational team.”