1 minute“HELLENIC PETROLEUM HOLDINGS S.A.” (the “Company”), following the announcement dated 24.5.2022, informs the investors:
Following the withdrawal decision announcement of ΤotalEnergies, the co-lessees of the Lease Agreements for the right to explore and exploit hydrocarbons in the offshore areas of “West Crete” (Law 4631/2019) and “Southwest Crete” (Law 4628/2019) negotiated the settlement of the issues deriving from such withdrawal.
The parties have agreed that the 40% interest held by “TotalEnergies EP Greece B.V.” in the Lease Agreements is to be assumed by ExxonMobil Exploration and Production Greece (Crete) B.V. (taking 75% of the 40%) and by the Company’s subsidiaries “HELLENIC PETROLEUM EXPLORATION AND PRODUCTION WEST CRETE SINGLE MEMBER S.A.” and “HELLENIC PETROLEUM EXPLORATION AND PRODUCTION SOUTHWEST CRETE SINGLE MEMBER S.A.” (taking 25% of the 40%), with TotalEnergies EP Greece B.V. fulfilling its financial and other obligations. Following completion of the transaction, the interests in each of the respective Lease Agreements will be formed as follows:
- ExxonMobil Exploration and Production Greece (Crete) B.V: 70%, which will also assume the Operatorship
- The Company’s subsidiaries: 30%.
It is noted that the transaction, which is subject to consents from competent authorities, is not expected to have a material impact on the financial position of the Company.