Energean updates East Mediterranean offshore E&P schedule

Energean and operator Repsol have started a seismic acquisition program over the Ioannina block offshore Greece.

Offshore staff

ATHENS, Greece – Energean and operator Repsol have started a seismic acquisition program over the Ioannina block offshore Greece.

They expect to wrap up acquisition and processing of 400 sq km (154 sq mi) of data later this year.

Over the Aitoloakarnania block, the same partnership also expects to finish the first stage of seismic acquisition during 2019. In both cases, Energean’s costs are substantially carried by Repsol.

Later this month a two-week, 338-sq km (130-sq mi) seismic survey should get under way over Energean acreageoffshore Montenegro. Following interpretation, the company expects to take a drill-or-drop decision on the licenses during the first half of 2020. 

The company’s full-year production from its fields offshore Greece average 4,053 b/d in 2018, with 4Q output of 4,573 b/d representing the sixth successive quarter of production growth from thePrinos Area.

During 2019, Energean anticipates average output in the range of 5,000-6,000 b/d, depending on the performance of theEpsilon field extended reach well (due onstream in the current quarter); the timing and performance of 2019 wells (including two drilled by the company’s own rig Energean Force); workovers; and historic performance/decline of the existing well stock.

By 2021 it aims for production of more than 10,000 b/d.

EL-1, the first vertical well of the Epsilon Lamda platform development (managed by GSP), was completed in December after encountering the Epsilon A reservoir with net pay of 40-45 m (131-147 ft).

The well also penetrated the deeper Epsilon reservoir, discovering an 82-m (269-ft) thick zone with 30-35 m (98-115 ft) net pay, ahead of expectations. A third penetrated zone, the Dolomitic, exhibited some additional hydrocarbon potential across the 140-m (459-ft) section drilled.

Epsilon Lamda should start commercial oil production later this year.

01/17/2019

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