Concession contracts for two offshore blocks signed with Energean – Montenegro, 15 March 2017

Energean Oil & Gas announced that it has signed an exploration and exploitation concession contract with the Montenegrin state for two offshore blocks, 4219-26 and 4218-30, after the contract was approved by the Montenegrin Parliament.
The two blocks in question are located close to the coast at the vicinity of the town of Bar, at the water depth of 50-100 meters. Total investment during the exploration period, which would last for 7 years, would amount to 19 million dollars, including the funding of a new 3D seismic survey geophysical and geological studies, and the drilling of one exploration well. Energean expects that 3D survey should begin in the first quarter of 2018.

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