On February 5th 2016, Energean was announced as the preferred bidder in the Western Greece Onshore Licensing Round for the onshore block “Aitoloakarnania”. The exploration period, totaling 7 years, is divided in three phases, while a 25-year development period with a two 5-year extension periods will follow.
According to Energean’s initial plans, in the first exploration phase, basic environmental studies will be implemented, as well as geological and geophysical survey, including a Full Tension Gravity Gradiometry survey and a 2D 400-km seismic survey.
The drilling of the 1st well is planned for the 2nd exploration phase, which will last two years, while the drilling of a 2nd well is planned for the 2nd exploration phase which will last two years too.
The investment planned for the 7-year exploration period is 27 million euros.
The block Aitoloakarnania is a large underexplored block of 4,360 km2. Onshore Western Greece is part of the same petroleum system, commonly referred to as the Ionian “Basin” or “Zone”. On a regional scale, the area may also be considered to be the southern-most extension of the greater peri-Adriatic basin, which is proven productive for oil and gas in Albania, Italy, and Croatia.
Over 10 billion barrels of oil and 30 trillion cubic feet of gas have been discovered in place associated with the hydrocarbon systems throughout this area. Moreover, Jurassic oil recovered on Paxi Island.
Eight wells were drilled in the past. BP went for base evaporates targets in the early 60’s with no results. 37 deg oil on DST from Tr evaporates found at ~4000m. In the early ’00s, Triton drilled wells which were too shallow, as they were drilled to commitment depths only. There is a very large area of evaporite outcrops which indicate sub-evaporite targets, while Ionian Zone carbonates thrust potential also recognized.
STRATEGIC ENVIRONMENTAL ASSESSMENT (SEA) for area «Aitoloakarnania» (text in Greek language)