Hellenic Petroleum Nabs Egyptian Project
Hellenic Petroleum's concession agreement for exploration and production of hydrocarbons in the Mesaha area of Egypt was signed October 9, 2007 between a conglomerates consisting of Melrose Resources, Hellenic Petroleum and Oil Search, the state authority Ganoub El Wadi and the Ministry of Petroleum. His Excellency the Minister of Petroleum, Eng. Sameh Fahmy, headed the signing.
The 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.
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