news_8feb2012

EdgoMed set up as a Regional Independent E & P Company

Edgo Mediterranean (EdgoMed) was set up as a Regional Independent Exploration and Production Company to collaborate with the Cypriot and Lebanese governments in the development of their petroleum resources and to participate in the forthcoming license rounds.

The 50/50 shareholders of EdgoMed are Edgo Energy (Edgo’s E and P arm) and Azimuth whose shareholders include Seacrest and Petroleum Geo-Services’ (PGS) the leading, worldwide geophysical company providing an extensive range of seismic services.

8feb2012The company also possesses the world’s most extensive 3D MultiClient data library which provides a unique insight into petroleum basins worldwide as well as access to 85 subsurface specialists distributed worldwide in key locations. Using PGS’ entire library and knowledge base as a starting point, EdgoMed has completed an extensive geophysical and subsurface work program, from Basin to prospect level, to produce an unparalleled understanding of prospectivety across the region. Mapped potential resources exceed 15 Tcf in Cyprus, distributed over 10 prospects, and 9 Tcf in Lebanon, distributed over 5 prospects. Azimuth’s technical lead combined with Edgo’s profound operational infrastructure in the region, project expertise and relationships leaves EdgoMed very well equipped to acquire and develop attractive assets in both Cyprus and Lebanon. EdgoMed will be forming strategic partnerships with Major Independent oil and gas companies.