Energean awaits Prinos 3D survey results for drilling plans in area

The results of 3D seismic survey work conducted on behalf of Energean Oil & Gas over the Prinos Oil Field and surrounding licenses in the Gulf of Kavala, northeast Greece, an endeavor that was completed last week and covered nearly 400 square kilometers, will determine the company’s future drilling activity in the area. The majority of hydrocarbon deposits in the area have been extracted.

Energean officials informed that preliminary results of the seismic survey work are expected in one month, through fast-processing procedures now in progress, while fully processed results will be available following an additional five months. These will offer a comprehensive picture, whose  details will determine Energean’s drilling objectives in the area for the summer of 2016.

The survey work was conducted over a high-risk area offering the greatest drilling potential for Energean in the region. Company officials estimate the area could boost Energean’s production by about 30 million barrels.

Energean’s 3D survey work was the first to be conducted in the area following 19 years. NAPC (North Aegean Petroleum Company) had previously conducted 3D surveys in the region but withdrew its interest as a result of low petrol prices, at the time, in international markets.