Energean Oil and Gas plc (LON:ENOG) today announced ‘first oil’ from the EA-H3 well at the Epsilon field, offshore Greece.
The Israel and Mediterranean-focused group told investors that it had successfully completed the well.
It was brought into production on April 1 and is now flowing at a rate in excess of 1,000 barrels of oil per day on a restricted choke.
The company added that the well, drilled down to a depth of 5,679 metres, penetrated some 689 metres in the Epsilon sandstone reservoir, in line with pre-drill expectations.
“Energean will continue to monitor and fine-tune production parameters to ensure optimal production from the well,” it said.
Epsilon is a satellite of the Prinos field, some four kilometres away, and, the field development plan envisages the drilling of up to nine wells.
In London, Energean shares were up 16p or 2% to trade at 784p.