Aegean Completes Successful EA-H1 Well on Epsilon Field

Aegean Energy S.A., the only company producing oil and gas in Greece, announced the successful completion of EA-H1 well in “Epsilon", the first new field brought to production in Greece in the last 14 years.

The well was put to production today and is expected to significantly increase the company's daily production, as the early estimates exceed 3,000 bbd, which will bring Aegean Energy's total daily production up to 5,000 bbd. Moreover, the total reserves in place of the "Epsilon" field are estimated to be over 30Mmbb and the company will proceed in drilling more wells in the future in order to ensure the optimum development of the field.

EA-H1 is the most complex and longest well that has been drilled in Greece to date. Most particularly, it has a total length of 5,500 meters; the drilling lasted for a total of 3 months and was completed with great success, since it accomplished its geological objectives within the scheduled time and budget. It was drilled by the jackup rig Ensco 85, in collaboration with world leading companies specialized in drilling services.

It is worth mentioning that in 2009 alone, Aegean Energy has invested a total of US $80 million in drilling in the Prinos area, offshore Kavala, thus, achieving a fivefold of its 1,000 bbd production prior to the commencement of the investment a year ago.

Mr. Mathios Rigas, President and CEO of Aegean Energy S.A., stated, "We proceed with full commitment to realize our vision to create the first Greek Hydrocarbon Exploration and Production Company, by investing significant funds in a very difficult economic period. Our investment plan is being continued by drilling a new well, the PB-14C, which will begin immediately, as well as, further exploration activities which will secure the workers' future in Kavala and the optimal exploitation of the country's mineral wealth."

Mr. Evangelos Pappas, Chairman of the Board of Kavala Oil S.A., mentioned, "For the workers, the exploitation of the Epsilon oil field embodies a ten year dream of hope. Today, with the first successful production well in the "E", workers see their great efforts be vindicated in the best manner. I believe that this success belongs not only to the employees but also to the entire local community, the partners and never the less, to Aegean Energy S.A. which financially supported this project and most importantly, believed in and cooperated with our people. Therefore, on behalf of all the employees, I thank everyone involved for their invaluable help in meeting our big goal."

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