"We are watching the play."
Translation:Εμείς παρακολουθούμε το θεατρικό έργο.
θεατρικό is an adjective, "theatrical". So I don't think it really works. Although I'm not a native speaker, so I can't say that with 100% confidence. The έργο is more like the "play/work" bit. In my village, we put on plays every year, and people refer to them as έργο; I've never heard them referred to as a θεατρικό. But then Crete is also a bit different to the mainland :-)