Greek firm Energean is to acquire Total’s stake in Block 2, offshore Western Greece, providing further exploration opportunities in its core area of the Eastern Mediterranean with limited financial exposure.
The Israel and London-listed oil and gas firm said the deal enhances the future growth potential of its portfolio and medium-term optionality to deliver value to all of our stakeholders.
On completion, Energean would acquire France’s Total’s entire 50% Working Interest share and Operatorship.
“This is a highly attractive transaction in the context of the early stage prospectivity identified on the Block,” said Energean in a statement.
Work to date on the licence has identified that Block 2 contains part of a large, potential target comprising of a four-way closure at the Top Jurassic Apulia platform.
“The prospect is thought to be an analogue to the Vega field offshore Italy, in which Edison E&P operates with a 60% working interest.
The structure is covered by sparse 2D seismic which could be de-risked through the seismic programme that will be acquired as part of the minimum work programme.”