Aegean Energy Enters Gulf of Suez

Aegean Energy announced the farming‐in of its first international exploration license in the Gulf of Suez in Egypt.

Aegean Energy through a farm out agreement acquired 100% of the concession rights of the East Magawish Block from Thani Egypt East Magawish B.V. and assumed the operatorship of the Block. The agreement has been approved by the competent Authorities in Egypt.
The approval was granted based on Aegean Energy's proven track record as an operator in Greece, and its longstanding presence and operation in traditional touristic destinationsdemonstrating an excellent environmental record. The East Magawish Block has recent 3D seismic and the first exploration well is expected to be spudded in 2010.

Mr. Mathios Rigas, President & Managing Director of Aegean Energy commented, "We are excited to have been awarded our first exploration license outside of Greece, especially in a country with a long history in the upstream sector."

Aegean Energy in 2009:

  • Drilled 2 Extended Reach Drilling (ERD) wells in Greece, including the longest well ever drilled in Greece.
  • Brought on stream the Epsilon field, the first new oil field to be developed in Greece for 14 years.
  • Increased the company’s production to 4,000 bbl/day from 1,000 one year ago.
  • Acquired 2000 Km of 2D seismic offshore Northern Greece and identified new exploration targets in the area.
  • Aegean Energy is committed to expand its presence in Greece and internationally through acquisition of assets and strategic co operations. We are seeking to build on the company’s long history and technical expertise, and Egypt is a strategic area for us.
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