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Energean Acquires High Resolution AGG Survey over Ioannina Block

Source: www.gulfoilandgas.com 8/12/2015, Location: Europe

Energean Oil & Gas, the international oil & gas exploration and production company focused on the Mediterranean and North Africa, is pleased to announce that it has started to acquire a high resolution Airborn Gravity Gradiometry (AGG) survey which will include acquiring aeromagnetic data and high resolution digital elevation mapping as part of the exploration work programme over the Ioannina onshore block, Western Greece.

The purpose of this data is to identify Areas Of Interest (AOI) for hydrocarbon exploration in advance of a 2D seismic acquisition programme planned for 2016. The survey objectives are to define the depth of the geological basin, to locate and delineate targets for exploration drilling as well as to locate areas for future seismic surveys.

For the Airborne Gravity Gradiometry acquisition, Energean has appointed CGG, a well – known fully integrated Geoscience company who provide leading geological and geophysical techniques to the global oil and gas industry.

Commenting on the initiation of the AGG survey, Mr. Mathios Rigas, Chairman and CEO of Energean Oil & Gas stated: “Despite the turmoil that Greek economy faces and the capital controls imposed on the banking system, Energean continues to invest in hydrocarbon exploration and exploitation in Greece and in the wider region of Eastern Mediterranean and North Africa, where it holds in total six licenses. Onshore Western Greece is part of a wider petroleum system and the area may also be considered to be the southern-most extension of the greater peri-Adriatic basin, which is proven productive for oil and gas in Albania, Italy and Croatia. Over 10 billion barrels of oil and 30 trillion cubic feet of gas have been discovered in place associated with the hydrocarbon systems throughout this area which still remains substantially underexplored with a tremendous hydrocarbon potential”.

It is the first time an AGG survey will be conducted in Greece and a total of 10,000 Km are going to be acquired.

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