Energean Buys Total's 50 Percent Block 2 Stake

Energean plc (LSE: ENOG) has completed its acquisition of Total’s entire 50 percent working interest share and operatorship position in Block 2, offshore Western Greece.

The company said the acquisition provides it with additional exploration opportunities in its core area of the Eastern Mediterranean and noted that Block 2 carries limited remaining financial commitments to satisfy the minimum work obligation.

“Work on the license 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,” Energean said in a statement posted on its website.

“The prospect is thought to be an analogue to the producing Vega field offshore Italy, in which Energean is operator with a 60 percent working interest, following the completion of the acquisition of Edison E&P,” Energean added in the statement.

Combined with the 25 percent working interest that was acquired through the acquisition of Edison E&P, Energean’s working interest in Block 2 is now 75 percent. Hellenic Petroleum holds the remaining 25 percent stake.

Energean announced on December 17 that it had completed its acquisition of Edison E&P from Edison S.p.A. On December 30, the company revealed that it had entered into a conditional sale and purchase agreement with Kerogen Investments No.38 Limited, an affiliate of Kerogen Capital, for the proposed acquisition of Kerogen’s 30 percent shareholding in Energean Israel Limited. The deal would result in Energean owning 100 percent of the firm’s share capital.

Energean is a gas focused independent exploration and production company with a portfolio of production, development and exploration assets in the Mediterranean and UK North Sea, according to its website. The company is committed to sustainable development and to be a net zero emitter by 2050, its website states.

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