Hellenic Petroleum is in negotiations with TotalEnergies to resolve the issues arising from the withdrawal of the French company from the exploration of possible natural gas deposits in the two sea areas “West” and “Southwest of Crete”.
According to HELPE, the negotiations have not yet been concluded.
In particular, as stated in an announcement on the Stock Exchange:
HELLENIC PETROLEUM HOLDINGS SA (the “Company”), on the occasion of recent publications and at the request of the Hellenic Capital Market Commission, informs the investing public about the following:
Pursuant to the Lease Agreements from 27 June 2019 between the Hellenic Republic and “Total E&P Greece B.V.”, “ExxonMobil Exploration and Production Greece (Crete) B.V.” and the Company for the concession
– the right to explore and exploit hydrocarbons in the sea area “West Crete”, Greece (ratified by Law 4631/2019),
– the right to explore and exploit hydrocarbons in the sea area “Southwest of Crete”, Greece (ratified by Law 4628/2019),
the Company acquired a percentage of 20% on each of the above contracts.
“Total E&P Greece B.V.” has been appointed as a trustee (manager) in both areas, which maintains a 40% stake in each of them.
The percentages of the Company in each of the above contracts were transferred to its subsidiaries “HELPE WEST KRITIS SA”. and “HELPE SOUTHWEST CRETE SA” respectively, with relevant Decisions of the Deputy Minister of Environment & Energy, in accordance with the provisions of current legislation.
Following the recent update of TotalEnergies’ decision to withdraw from the above areas, “Total E&P Greece B.V”. and “ELPE WEST KRITIS SA” and “ELPE SOUTHWEST CRETE SA”, are in negotiations to resolve the issues arising from this departure. The above negotiations have not yet been concluded, and an appropriate information to the investing public will follow upon their completion. It should also be noted that any relevant transaction, to the extent that it will take place, is not expected to have a material impact on the Group’s financial figures.
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