Three hydrocarbon exploration contracts signed today

The bidding and contestant process for the leasing of the three lots took about 29 months, a lengthy time for such processes, in part due to the lack of infrastructure in such issues on the part of the Greek state.

The contracts have been awarded as follows:

As concerns Ioannina, the consortium of ENERGEAN OIL AND GAS / PETRA PETROLEUM,

For the sea region of the Gulf of Patras the consortium HELLENIC PETROLEUM/ EDISON / PETROCELTIC,

And for the Katakolo region the consortium ENERGEAN OIL AND GAS / TRAJAN OIL & GAS Ltd.

According to the existing legal framework (l.2289/95 concerning prospecting and exploitation of hydrocarbons, and l. 4001/2011) revenues for the state accrue from the following:

1. Taxation, 20% (regular) + 5% (regional tax) = 25%

2. Rental fees, based on:

• production levels,

• geographical, geological, and other regional characteristics,

• the revenue and expenditure factor (R-Factor).