Energean Receives Approval to Develop the Katakolo Field in Western Greece
Energean holds a 100% working interest and is the operator of the block.
Energean plans to develop Katakolo alongside its two other current development projects, the Prinos Oil Field, which is part of the Prinos Concession located offshore North East Greece, and the 2.4 TCF (2C) Karish and Tanin gas fields, offshore Israel, that also received FDP approval by the Israeli Government in August 2017.
Energean will now commence the Environmental and Social Impact Assessment for Katakolo, which will be submitted for approval in 2018. Upon approval, the Company intends to take a Final Investment Decision (“FID”) on the project and drill the first wells in 2019, with first oil expected in 2020.
Commenting on the FDP approval, Energean’s CEO, Mathios Rigas, said:
“After the approval of the FDP for Karish and Tanin by the Israeli Government in August, we are excited to also receive approval of our development plan for Katakolo from the Greek Government. Katakolo is a previously discovered oil and gas field that has so far remained undeveloped. Energean is now unlocking the value of this very important project for the country as well as revealing the potential for wider exploration of the East Adriatic region.
Developing Katakolo is consistent with our strategy to maintain a balanced portfolio of producing and development assets, coupled with low-risk, high-impact exploration potential in the Eastern Mediterranean. We are adding further value for our shareholders through converting a discovered but stranded resource into a valuable commercial project.”