Energean Oil & Gas, the international oil & gas exploration and production company focused on the Mediterranean and North Africa, has successfully completed the first of fifteen drilling projects planned between 2015 and 2017 in the Gulf of Kavala, northern Greece, as part of the company’s 200 million-dollar investment program aiming to increase oil production.

Energean’s drilling of well PA-35A in Prinos, came on stream as of December 27 to produce at a level of over 1,500 barrels, roughly double the quantity originally estimated.

Drilling at PA-35A was conducted as part of the series of fifteen wells to be drilled by Energean in Greece to develop 30 million barrels of 2P reserves in the Prinos, Epsilon and Prinos North oil fields in the Gulf of Kavala. Energean’s exit production for 2015 reached 3,000 bpd in Prinos, a 60% increase from 2014.

The well was drilled with the Energean Force, the newly acquired Tender Assisted Drilling Barge owned and operated by Energean.

“On yet another occasion, Energean, its scientific team and personnel are proving that investment in systematic research, development of infrastructure and, primarily, the vision of utilizing Greece’s mineral resources, delivers results,” commented Mathios Rigas, Energean’s chief executive. “Amid entirely negative international conditions, characterized by the oil price collapse, down roughly 70 percent to the lowest level since 2004, and investment plan cancellations worth hundreds of billions of dollars, a Greek company – despite the political uncertainty and completely unfavorable business conditions that prevailed in 2015 – has managed to pump new oil quantities from Prinos, our country’s only oil deposit producing at present,” he continued.

Efforts to utilize proven oil deposits in the Gulf of Kavala, estimated at 30 million barrels, have been launched, along with a new era for Prinos, Rigas noted.

Although the oil price crash is an unfavorable development that quells the company’s satisfaction and offers no reason to celebrate, the drilling project’s result offers encouragement for Energean to press ahead and prepare for its next drilling initiative in order to ensure productivity at Prinos for at least a further fifteen years and the employment futures of company staff, now numbering over 400 persons in total, in Kavala and Athens, Rigas remarked.

Next up, Energean will carry out technical interventions at older wells (PB-26 and PB-34 in Prinos and PNA-H3 in northern Prinos) to boost production. Preliminary work has also begun for the next drilling project (PA-40). Also, data provided by 3D seismic surveys last summer is currently being processed, while preparations are also being made to develop the region’s “Epsilon” well.