Energean begins drilling second well in Egypt Block

Energean provides an update on the drilling of the WKO-3X in the West Kom Ombo Block covering a total area of 31,520 km2 and located in Upper Egypt. The WKO-3X was spud on March 7, 2011.

The WKO-3X well is the second of two committed frontier explorations well in the vast and highly unexplored West Kom Ombo License.

The main objective of the well is to provide a second stratigraphic control point, approximately 100km southwest of the WKO-1X well location, in an area with very sparse geological and geophysical data coverage. The findings of the WKO-3X well will be used for defining and further optimizing the future exploratory steps in the license area. Energean's operations in Egypt have not been directly affected by recent political events; however, the Company is closely monitoring the situation on a continuous basis.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

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