Aegean Energy Moving Forward with Prinos North & Epsilon Development Plans

Aegean Energy SA, considering as first priority for the development of the Prinos field reservoir, has undertaken a seismic mapping and depth conversion project to enable calculation of Gross Rock Volumes present within the Prinos North and Epsilon structures, Prinos Basin, Greece. This has involved detailed fault mapping to aid well placement.

The time of completion of the above process, according to the Program of Exploitation that was approved by the Ministry of Development on April 10, 2008 was 4 months. The first phase has been successfully completed a month earlier from the initial planning, while the new map that was created by Petroleum Geo-Services has already been delivered to Aegean Energy.

The new data that resulted from the study and merging of the data gathered from the seismic mapping of years 1993 and 1997 will allow a more reliable interpretation, as well a more precise determination of the recoverable layers of oil in the area. The new map that is being processed by the company's technical team will affect the final planning for the development of both EPSILON and Prinos North fields.

Based on the map of PGS, Aegean Energy SA signed an agreement with the Canadian company McGinnis International ,which will undertake the planning and the management of the drilling program in the Prinos North area, starting 2008, while at the same time the company is searching for the most suitable drilling equipment.

Aegean Energy strengthened its technical staff with four highly experienced scientists, geophysical Mr. K. Tzimeas and Mr. D. Anestoudis and Operations Integrity Engineer Mr. P. Sofos, all three coming from the Hellenic Petroleum co. (ELPE) and Mrs. H. Dana, with previous experience in the state owned Oil Company of Venezuela PDVSA.