Energean raises funds for offshore Greece programs

The newly-created Third Point Hellenic Recovery Fund has agreed to provide $60 million to Energean Oil & Gas.

Offshore staff

ATHENS, Greece – The newly-created Third Point Hellenic Recovery Fund has agreed to provide $60 million to Energean Oil & Gas.

The share capital arrangement will be used to fund a four-well program offshore Greece, aimed at doubling Energean’s production from the offshore Prinos and South Kavala areas to 4,000 b/d by year-end.

Additionally, the cash injection will help finance the development of the 32-MMbbl Epsilon structure next year via an unmanned platform tied back to the main Prinos production facilities.

Energean also plans a new exploration program, including participating in the open door tender process in three areas in western Greece.

5/28/2013

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