Energean Oil & Gas and the State of Montenegro have signed an exploration and production concession contract covering offshore blocks 4219-26 and 4218-30 in the Adriatic Sea.
The contract was signed by Dragica Sekulic, Montenegro’s minister of Economy, and Mathios Rigas, chairman and CEO of Energean, in Podgorica, following approval from the Parliament of Montenegro.
Total investment over an exploration period of seven years will be USD 19 million, including the funding of a new 3D seismic survey, geophysical and geological studies, and the drilling of one well.
Energean plans to begin the 3D seismic acquisition during the first quarter of 2018.
Energean Group chairman & CEO, Mathios Rigas, said: “I am delighted to sign this concession contract, which marks a significant day for Energean and our continued growth, as we enter the highly promising Adriatic region.”