Energean Oil and Gas successfully completes drilling at EA-H3 in the north - ENERGY PRESS

08/APRIL/2019

Energean Oil and Gas, the oil and gas producer focused on the Mediterranean, has successfully completed its drilling operations of the extended reach well, EA-H3, in northern Greece, the company has announced.

The well was brought into production on April 1 and is currently producing at a stable dry oil rate of more than 1,000 bopd on a restricted choke, Energean noted.

The well was drilled to a total measured depth of 5,679 meters and has penetrated 689 meters of the Epsilon sandstone reservoir, in line with pre-drill expectations, Energean informed, adding it will continue to monitor and finetune production parameters to ensure optimal production from the well.

Energean extends Prinos development offshore Greece - OIL & GAS JOURNAL

HOUSTON, Feb/12/2018
Tayvis Dunnahoe, OGJ Exploration Editor

Energean Oil & Gas will drill as many as 25 wells and install two platforms as part of an investment program on the Prinos license offshore northeastern Greece. The $180-million investment will increase production from Prinos and Prinos North oil fields through 2021, as well as develop Epsilon oil field.

Energean announced the plan as an extension of the Prinos long-term offtake agreement with BP Oil International Ltd. through Nov. 1, 2025. The group’s Prinos basin oil production is currently sold to BP under the offtake agreement, which was originally signed in 2013 and covered the period until July 31, 2021. The 4-year extension will safeguard the group’s cash flow, Energean said.

The Energean Force offshore drilling rig will execute the proposed development wells, and the GSP Jupiter jack up rig will drill the first three Epsilon wells.

Energean also plans to develop its Katakolon field alongside the Prinos development. In September 2017, the operator said drilling and production would commence in 2019-20 pending government approval later this year

Energean Signs US$180m RBL Facility with EBRD, BSTDB, EximBank Romania and Intesa Sanpaolo Bank to Develop Prinos Basin - ENERGEAN OIL & GAS

1 February 2018

Loan agreement finances further development of the Prinos, Prinos North and Epsilon oil fields 

Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce that it has signed a reserves-based senior facility agreement (the “Agreement”), amounting to US$180 million, with the European Bank for Reconstruction and Development (“EBRD”), the Black Sea Trade and Development Bank (“BSTDB”), the Export-Import Bank of Romania EximBank SA (“ EximBank Romania”) and Banca Comerciala Intesa Sanpaolo Romania S.A (“Intesa Sanpaolo Bank”), HSBC acting as the agent bank. This Agreement is an extension to the existing US$75 million loan signed with the EBRD on 19 May 2016. 

The Agreement now includes two facilities: a senior secured reducing revolving credit facility of up to US$105 million with the EBRD and BSTDB as lenders; and a senior secured revolving credit facility of up to US$75 million arranged by EximBank Romania and having EximBank Romania and Intesa Sanpaolo Bank as lenders. 

Energean: A Greek success - IN CYPRUS / CYPRUS WEEKLY

February 19, 2017
Charles Ellinas

Energean is a private exploration and production group focused on Greece, the Adriatic, the East Med and North Africa. It is the only oil and gas producer in Greece. It has been much in the news recently following its acquisition of the Tanin and Karish gas-fields offshore Israel.

Energean has its roots in the successful development of the Prinos oil-field offshore Kavala in Greece. At a time of crisis in the global oil and gas sector, Energean managed to grow into a leading player in the region with a balanced portfolio of oil and gas production, low-risk development projects and high-impact low-cost exploration assets.

Energean gets exploitation license offshore western Greece - OIL & GAS JOURNAL

11/29/2016

Houston

By OGJ editors

The Greek Ministry of Environment and Energy and Energean Oil & Gas SA have agreed to the conversion of the West Katakolon exploration license to a 25-year exploitation license effective immediately.

West Katakolon is part of the Katakolon concession area and covers 60 sq km with 10 million bbl of recoverable oil. Energean will be operator of the field development, which follows that of its operated Prinos oil field and South Kavala gas field, both in the North Aegean Sea.

A field development plan (FDP) for West Katakolon will be submitted to the energy ministry by the end of February. Drilling is planned for 2018 and will use extended-reach drilling technology to drill from onshore to offshore reservoirs. Production startup is expected in 2018-19.

Energean inks Prinos, Epsilon investment - OFFSHORE ENGINEER

Written by OE Staff Monday, 23 May 2016

Greek exploration and production firm Energean Oil & Gas has secured a US$75 million loan from the European Bank for Reconstruction and Development (EBRD) to support the company’s ongoing $200 million investment plan in the Prinos and Epsilon oil fields offshore northern Greece.

The Prinos and Epsilon oil field development project is the largest investment in the Greek upstream sector since the 1980s and includes drilling 15 wells and installing a satellite platform to the main Prinos offshore facilities.

Energean increases production with new Prinos well | World Oil

1/7/2016

ATHENS, Greece -- Energean Oil & Gas has completed the drilling of well PA-35A in Prinos, which was brought on-stream on Dec. 27. The well was drilled with the Energean Force, the newly acquired tender assisted drilling barge owned and operated by Energean.

PA-35A was the first of fifteen development wells planned by Energean to be drilled in Greece to develop the 30 MMbbl of 2P reserves in Prinos, Epsilon and Prinos North oil fields in the Gulf of Kavala. The completion of well PA-35A has added over 1,500 bopd to the production of Energean, which is well above the expected 2P scenario rates.

Energean’s exit production rate for 2015 reached 3,000 bopd in Prinos, a 60% increase from 2014. The drilling program continues with well PA-40, the second infill well in Prinos oil field.

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