Energean Oil & Gas, the international oil & gas production and exploration company focused on the Mediterranean and North Africa, announced Friday that on Thursday, Sept. 18, the Greek Parliament ratified its License Agreements for hydrocarbon exploration and exploitation at the Ioannina and Katakolon blocks, Western Greece.
Energean holds an 80 percent interest in the Ioannina onshore block, while Canadian Petra Petroleum holds the remaining 20 percent. Energean will act as Operator.
Energean holds a 60 percent interest in the Katakolon offshore block, while British Trajan Oil & Gas holds the remaining 40 percent. Energean will act as Operator.
Mathios Rigas, chairman and CEO of Energean Oil & Gas, commented:
“The ratification of the License Agreements for the Ioannina and Katakolon blocks re-launches the Greek hydrocarbon exploration sector. Energean has played a significant role ahead of this development, as we have revived oil production from Prinos by investing more than $231.8 million (€180 million) since 2007. Energean is ready to explore and develop the new blocks, in line with the strictest environmental standards, which will ultimately support the recovery of the Greek economy”.
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