Energean Oil & Gas, the sole oil and gas producer in Greece, plans to invest about $19 million over a seven-year period offshore Montenegro after signing a concession contract for two blocks in the Adriatic Sea.

The company said the contract for blocks 4219-26 and 4218-30, located at water depths between 50 m and 100 m, was signed March 15 by its CEO and Montenegro’s economy minister.

Funds will go toward a new 3D seismic survey, geological and geological studies and the drilling of one well, Energean said in a news release. The 3D seismic acquisition is scheduled to begin in first-quarter 2018.

Several major oil and gas companies left the area during the sustained period of lower oil prices, Energean Group CEO Mathio Rigas said in the release.

However, “Energean remained committed to pursuing the development of the region, and is now extremely well placed to take advantage of this commitment and focus,” he added. “We believe the geology to be similar to that in Western Greece, where we have been exploring since 2014 (onshore Ioannina), have a field development plan in progress offshore West Katakolo, and are ready to sign a new contract for a further block (onshore Aitoloakarnania).”