1 minuteHELLENIC PETROLEUM S.A. announces that the Concession Agreement for the exploration and production of hydrocarbons in the Mesaha area in Egypt was signed on October 9, 2007 between a consortium consisting of MELROSE RESOURCES, HELLENIC PETROLEUM and OIL SEARCH, the state authority Ganoub El Wadi and the Ministry of Petroleum. The signing was headed by his Excellency the Minister of Petroleum, Eng. Sameh Fahmy.
The concession area, which covers an unexplored sedimentary basin, is bounded by the Sudanese border in Upper Egypt and has an area of 57,000 km2.
The initial exploration period is 4 years and can be extended to a maximum of 9 years. The gross financial commitment is $14.3 million and HELLENIC PETROLEUM holds a 30% interest in the block.