Mediterranean-focussed oil and gas explorer Energean Oil & Gas is seeking to increase its exploration and production plans offshore Greece after a cash injection.
The firm has had a cash injection of $60million from the newly-created Third Point Hellenic Recovery Fund.
The cash will be used fund a four-well programme in 2013 with a goal to double production to 4000 bbls/day by year end.
It will also see the start of the Epsilon development plan, a 32 mm bbls satellite field to the main Prinos field that will be developed in 2014 through an unmanned platform tied back to the main production facilities of the company.
Energean is also planning a new exploration programme in Greece and the participation of the company in the open door tender process in three areas in Western Greece.
Mathios Rigas, chairman and CEO of Energean Oil & Gas says: “We are very pleased that Third Point has trusted us with a strategic investment that will not only strengthen our balance sheet but more importantly bring to Energean a wealth of experience and industry contacts to help us achieve our goal of becoming a leading independent E&P player in the region.
"We want to capitalize on our unique combination of existing production, development projects and significant exploration upside coupled with a team with a 30 year production history in an environmentally sensitive offshore area in Greece in order to play a key role in the opening of the Hydrocarbon Market in Greece and the SE Med.”
Daniel S. Loeb, chief executive officer and founder of Third Point, commented: “We are pleased that the Hellenic Recovery Fund’s inaugural investment in Greece is in a company as promising as Energean.
"We believe the opening of the Hydrocarbon E&P Market will benefit Greece’s recovering economy meaningfully and that Energean, as the only company operating oil & gas assets in the country, is extremely well positioned to take advantage of the opportunity. We look forward to being part of Energean’s success story.”