Aegean Energy, an oil and gas company in Greece, has completed the EA-H1 well in Epsilon, a new field brought to production in Greece. The well was put to production and is expected to increase the company's daily production, as the early estimates exceed 3000bbd which will bring Aegean Energy's total daily production up to 5000bbd.
Moreover, the total reserves in place of the Epsilon field are estimated to be over 30Mmbb and the company will proceed in drilling more wells in the future in order to ensure the optimum development of the field, the company said.
EA-H1 has a total length of 5500mt, the drilling lasted for a total of three months and was completed with success since it accomplished its geological objectives within the scheduled time and budget. It was drilled by the jack up rig Ensco 85 in collaboration with companies specialized in drilling services.
Aegean Energy has invested a total of $80m in drilling in the Prinos area, off-shore Kavala, thus, achieving a fivefold of its 1000bbd production prior to the commencement of the investment a year ago.
Mathios Rigas, president and CEO of Aegean Energy, said: “We proceed with full commitment to realize our vision to create the first Greek Hydrocarbon exploration and production company by investing significant funds in a very difficult economic period.
“Our investment plan is being continues by drilling a new well, the PB-14C, which will begin immediately, as well as, further exploration activities which will secure the workers’ future in Kavala and the optimal exploitation of the country’s mineral wealth.”