The acquisition provides Energean with additional exploration opportunities in its core area of the Eastern Mediterranean and Block 2 carries limited remaining financial commitments to satisfy the minimum work obligation.
Work on the licence to date has identified that it contains part of a large four-way dip closure that is covered by 2D seismic and represents a potential future drilling prospect.
The prospect is thought to be an analogue to the producing Vega field offshore Italy, in which Energean is operator with a 60% working interest, following the completion of the acquisition of Edison E&P. Energean also participates in the adjacent 84F.R-EL block offshore Italy, pending award.