US-Canadian firm Cub Energy has submitted an application to the Ministry of Environment, Energy & Climate Change (YPEKA) seeking permission to explore for oil in two regions of Thrace, northeastern Greece, according to Energypress sources. The firm has expressed an interest to conduct exploration activities in the areas of Alexandroupoli and Orestiada, the sources noted.
Listed on the Toronto stock exchange, Cub Energy has already established a strong presence in the Black Sea region, in Ukraine. The firm currently holds exploration rights for more than 60,000 acres, and, at present, is producing 1,900 barrels of oil per day. The firm’s investment program includes land-drilling projects for up to ten new fields within 2014.
According to the potential investor, the geo-scientific knowledge already possessed on these specific regions of Thrace, gained through past research pursued by corporations such as DEP and DEP-EKY, has created expectations, prompting Cub Energy’s interest to explore.
The ministry’s division for petroleum matters will need to convene and decide on the application submitted by the US-Canadian firm. The Greek state maintains the right to reject Cub Energy’s application.
Another application for exploration rights, submitted by Italian firm ENEL for three regions on the country’s western side – western Peloponnese, Aetoloakarnania, and Preveza in western Epirus – has received the ministry’s approval.