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Energean Oil & Gas Launches $225 Million Investment Plan

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Energean Oil & Gas has just initiated a $225 million dollar investment plan to create 30 million barrels of reserves from North West Greece, along with a production rise from Epsilon, Prinos and Prinos North fields to 10,000 bbls per day by 2016, according to Scandinavian Oil Gas Magazine.

The new program includes the establishment of two unmanned platforms and 15 new wells in the Prinos North and Epsilon field, that will work with Energean's preexisting mechanisms. Additionally, Energean Oil & Gas has acquired the Glen Esk drilling equipment.

The corporation plans to administer its personal drilling staff to create the wells, resulting in a concrete reduction in operational costs and to boost Prinos reserve recoveries. The mission will be re-termed "Energean Force" and is scheduled to begin drilling by December.