Energean Oil & Gas says that the newly-created Third Point Hellenic Recovery Fund has entered into the share capital of the Greek based Oil & Gas producer and explorer through an equity capital injection of $60 million.

The equity capital will be used to fund a four well programme in 2013 with a goal to double production to 4000 bbls/day by year end and also the start of the Epsilon development plan, a 32 mm bbls satellite field to the main Prinos field that will be developed in 2014 through an unmanned platform tied back to the main production facilities of the company.

Energean is also planning a new exploration programme in Greece and the participation of the Company in the open door tender process in three areas in Western Greece.

Tags: ENERGEAN Oil & Gas