The Epsilon Oil Field has 15,3 mmboe 2P reserves which have been audited by ERC Equipoise. STOIIP is estimated at 39mmboe while the recovery factor stands at 1%, as only 300,000 mbls were produced in 2010. The interpretation of the 3D seismic data acquired in 2015 is under process and it is expected that will result in increasing the estimated STOIIP and 2P reserves. Energean has planned to develop the field through a new development project which consists of: (1) The design, fabrication, installation, commissioning and subsequent operation of a new well-head jacket platform (called “Lamda”) approximately 3.5 km’s NW of the existing Prinos platforms. Lamda has been designed to be normally unmanned; (2) The installation of three sub-marine pipelines that connect Lamda to Prinos Delta: (3) The drilling of 5-9 wells. This new development plan will cost approximately $50 million for the jacket and pipelines and approximately $60 million for the wells.
The Epsilon oil field is an anticlinal structure some 3 km to the west north west of the Prinos oil field. The field was discovered in 2000 when Well E-1 tested sour crude oil with an API gravity of 36 degrees in reservoirs belonging to the Prinos Group at a depth of about 2800 m TVDSS. The well was side-tracked a year later to a location some 500 metres to the south east, confirming the reservoir presence and tested oil.