18.9.09

Aegean to start second drilling phase at Epsilon field

Sep 18, 2009

Uchenna Izundu
OGJ International Editor


LONDON, Sept. 18 -- Aegean Energy SA and Kavala Oil SA will use the Ensco85 (E85) jack up rig to start the second phase of its drilling program in Epsilon field off Greece with what would be the deepest and longest well ever drilled there.

The program, which calls for drilling in the Gulf οf Kavala about 8 km west of Thassos Island and 18 km south from the main coast, was approved by the Greek Ministry of Development. The well will be spudded by the end of September. It is expected to reach a TVD of 5,500 m and vertical depth of 2,900 m within 90 days.

Aegan Energy secured $50 million from Standard Chartered Bank to underpin its program and hired Schlumberger to provide drilling management services.

The 2,000-hp E85 rig is capable of a maximum drilling depth of 7,600 m.

Last month Aegean Energy completed the PNA-H3 horizontal well on Prinos North field in Greece, which reached a TD of 4,370 m over 135 days because of the reservoir’s complexity. It was drilled by the Energy Exeter jack up rig. The field lies in 50 m of water.

This and the Epsilon well are expected to increase production to 5,000 b/d from 1,300 b/d.

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