Energean drilling more wells at Epsilon offshore Greece

Development drilling is under way at Energean’s Epsilon oilfield development offshore western Greece.

Offshore staff

ATHENS, Greece – Development drilling is under way at Energean’s Epsilon oilfield development offshore western Greece.

The initial plan was to drill three vertical production wells tied into a new unmanned jacket, Lamda, which is under construction in Constanza, Romania. A further three-to-five vertical production wells will now be drilled in later years to fully exploit the field reserves.

Energean anticipates first production from the Epsilon vertical well development in late 2019. An additional early production extended reach well, EA-H3, spudded in late July, is being drilled into the Epsilon accumulation from the Prinos Alpha platform.

This should accelerate first production to later this year and will also drawdown the reservoir pressure, allowing subsequent Epsilon wells to identify flow units and connectivity within the reservoir sands.

In the first half of this year, the company drilled a 4,000-m (13,123-ft) extended reach horizontal well in the Prinos North satellite to exploit attic oil. It produced at an average rate of more than 1,000 boe/d.

During July, the company discovered oil pay intervals in the deeper Kazaviti and D horizons in the PA-32 well, which was drilled into a central field location.

Based on well logs, both reservoir units were predicted to be of low permeability (<5 mD) but well tests were unable to establish a flow to surface. Oil was subsequently evidenced and sampled at the PA-32 wellhead prior to perforating operations on the shallower B-reservoir.

Finally, the company continues to assess a potential development of the offshoreKatakolo structure, estimated to hold 10.5 MMbbl. This is part of a 25-year production license with no outstanding commitments.

Energean has started the environmental and social impact assessment, which it expects to submit later this year. Assuming approval comes through, a final investment decision (FID) or farm-down will follow: if FID is taken during 4Q 2018, first oil will be in 2020.

Estimated capex for the development is $60 million.

09/18/2018

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