Oil and gas company Energean has completed its takeover of Total’s entire 50% interest and operatorship in Block 2, offshore Western Greece.
Coupled with the 25% working interest that Energean bought through the recent acquisition of Edison E&P, Energean’s working interest in the block is now 75%; Hellenic Petroleum holds the remaining 25%. The deal to acquire Total's share in the block was originally signed in February 2020. Energean did not say how much it had paid for Total's stake.
"The acquisition provides Energean with additional exploration opportunities in its core area of the Eastern Mediterranean and Block 2 carries limited remaining financial commitments to satisfy the minimum work obligation," London-listed Energean said.
According to Energean, the offshore license contains part of a large four-way dip closure that is covered by 2D seismic and represents a potential future drilling prospect.
"The prospect is thought to be an analogue to the producing Vega field offshore Italy, in which Energean is operator with a 60% working interest, following the completion of the acquisition of Edison E&P. Energean also participates in the adjacent 84F.R-EL block offshore Italy, pending award," Energean said.