Hellenic Garners More Egyptian Acreage

The Egyptian Ganoub El Wadi Petroleum Holding Company ("GANOPE") announced the results of the International 2006 Bid Round -1 for new concessions in Egypt.

Hellenic Petroleum S.A., in order to develop further its Exploration & Production portfolio, participated in this Bid Round as partner in a consortium consisting of Melrose Resources (40%) as operator, Oil Search (30%) and Hellenic Petroleum (30%). GANOPE has notified that the consortium is the successful bidder for the new exploration block Mesaha in Upper Egypt. The rights to the Mesaha concession area have been awarded to the consortium, subject to final Government approval and completion of documentation. The Mesaha block is located in the south-west corner of the Western Desert in Upper Egypt on the border with Sudan and covers an area of 56,930 km2 .

Commenting on this, E. N. Christodoulou, Chairman of the Board of Directors, said:

"We are very pleased to have been awarded one more concession in Egypt, following the W. Obayed. The new Mesaha block covers a huge frontier area (almost half of the territory of Greece) and we hope that it has considerable potential for the discovery of liquid hydrocarbons. This block will complement the lower risk exploration activity of our current concession in Egypt, increasing further our presence in the country."


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