Energean Oil & Gas announced that on 28th September 2017 the transfer of a 60% interest and Operatorship in its Ioannina block, onshore Western Greece to Repsol was completed including all required consents and approvals from the Greek Ministry of Energy.

Image source: KeyFacts Energy

Energean’s agreement with Repsol also includes the farm out of a 60% interest in the Aitoloakarnania block, onshore Western Greece. This transfer is expected to be completed once the Lease Agreement in relation to the Aitoloakarnania block becomes effective following its ratification by the Hellenic Parliament.

Alongside the recently approved development plan for the Katakolo offshore block, the deal consolidates the Company’s activity in the underexplored area of Western Greece.

The Ioannina and Aitoloakarnania blocks, covering a total of 8,547 km², are priority exploration targets for Energean and strategically important for the Greek oil and gas sector. Both blocks are part of the Hellinide fold belt, which hosts the prolific Ionian Basin and Apulian platform and are on trend with recent discoveries made in Albania.

Energean’s experience and knowledge of the region’s geology, combined with Repsol’s expertise, ensures the Company is well positioned to determine the hydrocarbon potential in the area.