HELPE KYPARISSIAKOS
Block 10 (Gulf of Kyparissiakos)
Regarding the offshore area (Block 10) of Ionian Sea, in the Gulf of Kyparissiakos, Hellenic Petroleum S.A. (100% operator) owns exclusively hydrocarbons exploration and exploitation rights for the in the offshore area of Kyparissiakos Gulf (Block 10). The Lease Agreement was ratified by the Greek Parliament on October 3rd of 2019 (Act of Law 4630/10.10.2019).
The Lease Agreement covers an eight (8) year exploration period, which is divided into three separate phases, and in the case of commercial discovery a twenty-five (25) year development and production phase of the deposits is foreseen.
During the first exploration phase, exploration works will be carried out as per the minimum contractual obligations, including new regional two-dimensional (2D) seismic lines of 1.250 km in total. It is an explicit commitment for marine geophysical surveys to be carried out during the winter season with the outmost respect for the environment and for the protection and conservation of biodiversity and critical habitats throughout exploration works.