GSP Saturn has started the drilling campaign in Prinos and Epsilon perimeters

December 4, 2010

GSP Saturn entered under a new contract with Energean Oil & Gas S.A., the only operator of Oil and Gas in Greece. Energean is operating the development of Prinos and South Kavala areas, where it holds a 100% interest.

The mobile offshore drilling unit has successfully reached the drilling location, being transported from Tuzla, Turkey.

After the completion of the first well drilling program, estimated to last approximately 35 days, GSP Saturn is scheduled to perform interventions in the Epsilon oilfield. The client expects at the conclusion of the intervention program a production boost of 5000 barrels a day.

GSP Saturn will also perform offshore drilling services in the South Kavala perimeter. According to the development plan, the natural gas reserve in South Kavala field will be converted into Greece’s first natural gas storage facility.