Energean Oil & Gas is pleased to announce that the newly-created Third Point
Hellenic Recovery Fund has entered into the share capital of the Greek based Oil
& Gas producer and explorer through an equity capital injection of $60
million.
The equity capital will be used to fund a four well programme in 2013
with a goal to double production to 4000 bbls/day by year end and also the start
of the Epsilon development plan, a 32 mm bbls satellite field to the main Prinos
field that will be developed in 2014 through an unmanned platform tied back to
the main production facilities of the company.
Energean is also planning a new exploration programme in Greece and
the participation of the Company in the open door tender process in three areas
in Western Greece.
Mathios Rigas, Chairman & CEO of Energean Oil & Gas
commented:
“We are very pleased that Third Point has trusted us with a
strategic investment that will not only strengthen our balance sheet but more
importantly bring to Energean a wealth of experience and industry contacts to
help us achieve our goal of becoming a leading independent E&P player in the
region. We want to capitalize on our unique combination of existing production,
development projects and significant exploration upside coupled with a team with
a 30 year production history in an environmentally sensitive offshore area in
Greece in order to play a key role in the opening of the Hydrocarbon Market in
Greece and the SE Med.”
Daniel S. Loeb, Chief Executive Officer and Founder of Third Point,
commented:
“We are pleased that the Hellenic Recovery Fund’s inaugural
investment in Greece is in a company as promising as Energean. We believe the
opening of the Hydrocarbon E&P Market will benefit Greece’s recovering
economy meaningfully and that Energean, as the only company operating oil &
gas assets in the country, is extremely well positioned to take advantage of the
opportunity. We look forward to being part of Energean’s success story.”