The quantities of oil at Katakolo are four times larger than initially estimated, with proven reserves amounting to 10.7 million barrels instead of the estimated three million barrels expected during the period of the tender, Energean sources revealed on Thursday.

Energean, which has assumed the management of the reserves, is planning to begin drilling in 2019. Meanwhile, the environment and energy ministry approved the plan for the development of the field in August while the environmental study has already been submitted for approval.

In Greece, the company also operates in Prinos, where proven reserves are 40 million barrels plus 20 million additional potential, as well as in the areas of Ioannina and Aitoloakarnania, where the exploratory drilling has started. The Spanish company Repsol, which has a 60 pct share in the exploratory drilling, has launched a seismic study in Ioannina, while a contract for Aetoloakarnania is expected to be ratified by Parliament, after which the 60 pct transfer agreement and Repsol's role as operator will be activated.

The same sources also said that Energean has submitted a proposal to the Cypriot government to channel the Aphrodite deposits through a submarine pipeline to the natural gas station that will be installed in the sea region of Israel for the export of reserves from Karish and Tanin, which has also been taken over by a joint venture with the participation of Energean. This solution is considered by the company cheaper than the choice of transferring gas to Egypt, where it will be liquefied in order to be exported.

The total investment in Israel for the exploitation of the two deposits will reach 1.5 billion dollars and the company is considering going public to raise capital on the stock market. If the company opts for this solution, Energean will be listed on the London Stock Exchange.

At the same time, administrative changes are being introduced in 2018: Dimitris Gontikas, Chief Executive Officer of Kavala Oil will be the CEO of Energean's activities in Greece, while Mathios Rigas will remain as CEO of the Energean Group.