Completion of sale of E&P concessions in Libya

Following the announcement on 22 September 2008, Hellenic Petroleum S.A. announces that, after obtaining all regulatory approvals, it sold today its 20% participating interest in a Libyan oil and gas exploration license to the Franco-Belgian GDF Suez. This transaction is a further step in our strategy to reorganise E&P activities so as to create value and boost competitiveness of the Group.

 

Recall that the consideration amounts to $151 million (€120 million), exceeding our past exploration expenses in the area. Note that, the effective date of the agreement being 1/1/2008, the exploration expenses incurred by Hellenic Petroleum during this year (estimated at approximately $20 million) will ultimately be borne by the purchaser GDF Suez. In addition, the agreement provides for contingent payments in the event of further discoveries.

 

Founded in 1998, Hellenic Petroleum is one of leading energy groups in South East Europe, with activities spanning over 10 countries in the region and across the energy value chain. In 2007, group net earnings amounted to €351 million, on total revenues of €8.8 billion. Its shares are listed on the Athens Exchange (ATHEX: ELPE), and it has a market capitalisation of about €2 billion.

E. Stranis, PR and Corporate Affairs Director
Tel.:  +30-210-5539241
Email: [email protected]
G. Grigoriou, IRO
Tel.:  +30-210-5539109
Email: [email protected].