Energean Oil and Gas will become operator of Block 2, offshore Greece, upon completion of a deal to acquire Total’s 50% working interest in the block west of Corfu Island. The deal, the company said, provides further exploration opportunities in the Eastern Mediterranean.
Work to date has identified that Block 2 contains part of a large, potential target comprising of a four-way closure at the Top Jurassic Apulia platform. The feature straddles the Greek and Italian maritime border with 60% of the prospect within the Block 2 license and the remaining part in Italian waters. The prospect is thought to be an analogue to Vega field, offshore Italy.
Energean plans to spend 500,000 euros towards the minimum Block 2 work obligation, which includes 1,800 km of 2D seismic acquisition and processing.
Energean expects to acquire Edison E&P in this year’s first half (OGJ Online, July 8, 2019). Edison holds 25% working interest in Block 2, 60% operator interest in Vega, and participates in the adjacent 84F.R-EL Block offshore Italy, pending award. Energean’s acquisition of Edison increases its Block 2 working interest to 75%. Hellenic Petroleum owns the remaining 25%.
