Energean Primes Bit at Prinos Field

Energean (formerly Aegean) - the majority shareholder of Kavala Oil, which is the only operator of Oil and Gas in Greece - continuing its investment plan has signed a drilling contract for the recently modernized Jack-up Rig GSP Saturn. According to the plan, the spud date for the first well is expected on December 3rd and once again, Schlumberger has been appointed to provide drilling management services.

Realizing its long term Development Plan, currently Energean focuses its efforts in Prinos Oil Field to help boost production from investigating undeveloped compartments of the field, according to long-lasting reservoir modeling conducted by the Reservoir Engineering and Geoscientist team of the company. First well on the drilling program PA-35 is scheduled to be conducted from an existing production platform namely Platform A and is estimated to last approximately 35 days. Upon completion of the first phase, the GSP Saturn is scheduled to perform interventions in the Epsilon oil field to optimize and increase its production. The Company targets production rate to reach 5,000 bbls/day after the completion of the new wells and interventions planned. Energean's total oil production in 2010 is expected to reach 1 million barrels with an aim to increase this number by 50% in 2011.

The total cost of the new drilling operations will be approximately 20 million dollars. Further to the scheduled drilling activities and after all the necessary permits have been obtained, GSP Saturn is planned to be used for drilling underground wells in the South Kavala Gas field for the conversion the latter into Greece's first natural gas storage facility.

Mathios Rigas, Chairman and Managing Director of ENERGEAN, stated, "We are proceeding with our Development Program with new drilling operations in both Greece and Egypt. Despite the difficulties of the Greek economic environment, Energean Oil & Gas will continue its investments aiming to secure the Company's steady growth, sustainability of the local economy and effective exploitation of national resources. To this end, we proceed with a clear vision looking forward to a healthy and productive 2011, continuing to grow in both countries that we are at present, aiming to further expand our activities in Greece, Egypt and other countries in the region."

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