The Greek government has signed license agreements with the consortia of Energean and Petra Petroleum for the Ioannina Block and with Energean and Trajan Oil for Katakolon Block, according to a news release.

Ioannina is an onshore block, located in Epirus, Western Greece, covering an area of 4,187 sq km (1,617 sq miles). The area has analogues of proven and producing oil fields in Albania, Italy and the wider region of the Adriatic Sea, leading Energean to estimate that up to 100 MMbbl of oil or 57 Bcm (2 Tcf) of natural gas could potentially be discovered, the release said.

The $44.4 million investment program includes a three-phase exploration program spanning seven years. The first phase will consist of 2-D seismic data reprocessing, geological surveys, new seismic data acquisition. The second and third phase includes drilling two wells.

The consortium consists of Energean (80% working interest and operator) and Petra Petroleum (20% working interest).
Katakolon is an offshore block, located in Northwestern Peloponnese, covering an area of 545 sq km (210 sq miles). It is a proven oil field from an exploration well drilled in 1981 by the state owned company DEP-EKY, according to the release. Energean estimates 5 MMbbl of oil can be recovered from Katakolon.

The development plan includes drilling from an onshore location by means of extended reach drilling. The $21.4 million investment program, spanning five years, will consist of 2-D and 3-D seismic data reprocessing, field development and environmental assessment studies in the first phase and new seismic data acquisition if required, as well as the drilling of a production well.

The consortium consists of Energean (60% working interest and operator) and Trajan Oil (40% working interest).
Both licenses expire in 30 years, and both contracts are subject to Greek Parliament ratification.