Montenegro offshore bids submitted

May 16, 2014

Energean Oil & Gas and Mediterranean Oil & Gas have jointly submitted a bid for the exploration and production of hydrocarbons in three areas offshore Montenegro, as part of the country's first offshore licensing round.

The First Round includes 13 blocks in the Adriatic Sea (pictured) covering 3191sq km. The deadline for submitting bids closed yesterday, 15 May. 

If successful in its bid, Energean will act as the Operator with 60% working interest, while MOG would have a 40% working interest.The offshore areas are 4118/05, 4218/30 and 4118/10.

Energean Oil & Gas SA holds four exploration and two development licences and is the only operator of hydrocarbon fields in Greece.The company has produced over 115MM bo and 850Mcf of natural gas from the Prinos and South Kavala offshore fields. Energean’ s affiliate Energean Oil & Gas Egypt operates two exploration blocks in the Gulf of Suez and Upper Egypt.

Energean Oil & Gas has just signed two new contracts with the Greek State in order to explore and exploit hydrocarbon potential in the Ioannina on-shore block and Katakolon off-shore block in Western Greece. Read more: Greek drilling on the horizon

MOG has a number of operated and non-operated assets onshore and offshore Italy, which are in close proximity to Montenegro and share many geological characteristics. MOG said the submission is part of its strategy to acquire further assets in its core region.

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