In 2014 the consortium ENERGEAN OIL & GAS and PETRA PETROLEUM was awarded the Ioannina lease. Energean is the Operator and holds 100% working interest for hydrocarbon exploration and exploitation in the Ioannina block, Western Greece. Energean has been exploring the block since October 2014, after the ratification by the Greek Parliament of the License Agreement signed with the Greek State on May 14th 2014. The investment program during the 7-year exploration period is €32 million, including the acquisition of a Full Tensor Gravity Gradiometry survey (FTG), 2D seismic data, and the drilling of 2 wells. In August 2015, Energean acquired a high resolution Airborn Gravity Gradiometry (AGG) survey which included acquiring aeromagnetic data and high resolution digital elevation mapping as part of the exploration work programme. The purpose of this data is to identify Areas Of Interest (AOI) for hydrocarbon exploration in advance of the 2D seismic acquisition programme planned for 2017.
The block The block is an under explored (less than 1500 Km 2D seismic and only one well drilled during the last 25 years) area of 4,187 km2. Western Greece is part of the same petroleum system(s), 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. The proven, productive oil play(s) of the Ionian Basin onshore Albania extend south into the Energean Ioannina Block, where they remain substantially underexplored. It should be noted that Royal Dutch Shell has acquired the neighbouring “Block 4” in Albania. Significant potential can be demonstrated in the “classic” thrusted Mesozoic carbonates play productive in Albania, and in the Apulian sub-thrust play similar to onshore Southern Italy. Robust oil seeps have also been well documented throughout the block area. These seeps have been typed to the known source rocks.
History The block was initially explored by the Italian Army during World War II. During the 60’s, the Greek State and IFP drilled two dry wells. Eight State operated exploration wells drilled in the 1980’s have encountered oil and gas shows throughout the Mesozoic section, as well as drilling thick sections of high quality potential source rocks in the Cretaceous, Jurassic, and Triassic. Also data of 1,000 kilometers seismic lines (2D) were acquired. The last concession holder was Enterprise Oil, which relinquished the block in 2001 after the unsuccessful drilling of the exploration well “Dimitra”. Enteprise Oil was later acquired by Royal Dutch Shell. All of the dry holes can be understood today to simply have been drilled on inadequate data, in terms of quantity and quality, for this complicated subsurface environment, and consequently, unlikely to have tested valid traps.