HELLENiQ ENERGY Holdings S.A. (the “Company”) announces that it has reached an agreement with Chevron regarding the latter’s participation in the “Block 10” offshore concession, located off the coast of the Gulf of Kyparissia in the Southern Ionian Sea.
Under the agreement, Chevron acquires a 70% interest in the concession while assuming the role of Operator, while the Company retains a 30% interest. Block 10 is currently in the second exploration phase, and geological and environmental studies, as well as two-dimensional (2D) and three-dimensional (3D) seismic surveys, have been completed.
With this transaction, Chevron will now participate, together with the Company, in five hydrocarbon exploration concessions in Greece, further strengthening the strategic partnership between the two companies and reaffirming its confidence in the prospects of the Greek hydrocarbon exploration portfolio.