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Energean & Israeli Hydrocarbon Project Agreement

Energean Oil & Gas, the operator of the Prinos-Kavala oilfields, on Tuesday announced an agreement to participate with a 25 pct stake in exploration and exploitation licenses in the regions Sara and Myra in deep waters in Israel.

The agreement, which needs approval by Israel's authorities, has been reached with the shareholders of exploration licenses, Ratio Oil Ltd, Modiin Energy Limited Partnership, IDB Development Ltd., Israel Land Development Company Ltd., Emanuel Energy Ltd., Emanuel Energy - Oil & Gas Exploration - Limited Partnership και I.P.C Oil & Gas (Israel) Limited Partnership.

Mathios Rigas, chairman and chief executive of Energean Oil & Gas, commenting on the agreement said it signalled a new era for the company and it was a significant challenge in the field of exploration and exploitation of hydrocarbons.