Repsol to Farm into Energean’s Ioannina and Aitoloakarnania Blocks

Greece’s Energean Oil & Gas announced on March 31 that it has agreed to farm out a 60% interest in its Ioannina and Aitoloakarnania blocks, onshore Western Greece, to Spain’s Repsol. Repsol will also become the Operator for both blocks.

The agreement is subject to the approval of the Greek Government and the signing of the Aitoloakarnania License Agreement between Energean and the Greek Government, the Greek oil and gas company said.

The Madrid-based company plans to acquire a 2D seismic survey over the Ioannina block in 2017/2018, and to conduct an FTG and a 2D seismic survey over the Aitoloakarnania block in 2018/2019.

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 & gas sector. The blocks are located onshore Western Greece and are part of the Hellinide fold belt, which hosts the prolific Ionian Basin and Apulian platform and are on trend with recent large discoveries made in Albania. In total over 10 billion barrels of oil and 30 TCF of gas have been discovered throughout this region primarily in Albania, Italy and Croatia.

"We are delighted that Repsol has agreed to farm into Energean’s Ioannina and Aitoloakarnania blocks, which represents a significant step forward for the development of the Greek oil and gas sector,” Energean Group CEO Mathios Rigas said. "Repsol’s expertise and Energean’s knowledge of the area’s geology will undoubtedly drive forward the possibility of making new discoveries in Western Greece, and developing this region as a significant new oil and gas province.”