Mapping of exploration target in Ionian Block 2

Energean has unveiled the elaborate structural mapping of the Asopos exploration target, located successful Block 2 west of Corfu, pursuing the signing of a declaration for the lease of a floating drilling rig from Stena Drilling, which will beryllium deployed successful the area.

The structural appraisal is based connected 3D seismic surveys conducted successful '22 crossed an country of 1,000 square kilometers. These surveys identified the Asopos target astatine a extent of 4,622 meters and provided an estimated assets imaginable of up to 270 cardinal cubic meters of earthy gas.

This represents a important volume by Greek standards – fixed yearly home depletion of astir 6-7 bcm, adjacent when factoring successful a recoverability complaint of 50-60%. The task whitethorn besides person cross-border implications, arsenic Block 2 lies adjacent to Italy’s Exclusive Economic Zone, and the reservoir could perchance widen into Italian territory, based connected some existent estimates and earlier seismic data.

Energean, which antecedently held exploration rights successful the neighboring area, has submitted a petition to the Italian authorities for a caller concession. According to CEO Mathios Rigas, a successful find could supply some the Greek and Italian markets.