HELLENiQ ENERGY expands strategic tie with Chevron to include ‘Block 10’

HELLENiQ ENERGY and Chevron have announced an agreement for Chevron to participate in the “Block 10” offshore concession, located off the coast of the Gulf of Kyparissia in the southern Ionian Sea. Under the terms of the agreement: Chevron acquires a 70-per cent stake in the concession HELLENiQ ENERGY retains a 30-per cent stake Chevron assumes the role of Operator of the concession With this agreement, Chevron is now participating in five (5) concessions with subsidiaries of HELLENiQ ENERGY in Greece, confirming the strategic importance of the collaboration between the two companies and Chevron’s confidence in the prospects of the Greek hydrocarbon exploration portfolio. Block 10 is in the second exploration phase, and geological and environmental studies, as well as 2D and 3D seismic surveys, have been completed. HELLENiQ ENERGY CEO Andreas Shiamishis hailed the agreement. “Chevron’s entry into Block 10 complements our existing partnership and aligns the two companies’ stakes across all blocks in the southern Ionian Sea, thereby creating a much larger exploration area in which we are jointly participating,” he noted. “The flexibility and adaptability of concession portfolios, along with the ability to operate in larger regions, is something that attracts the industry’s leading companies and enables synergies, initially in research and possibly later in development,” he continued. He added: “The work we had already completed in Block 10 in previous years allowed for a better assessment of the prospects and Chevron’s entry into the entire portfolio. The adjustment of our stake is a move fully consistent with our strategy of managing exploration areas as a dynamic portfolio, in which changes can and should be made depending on prevailing conditions. The consistent strategy and substantive work of recent years, as well as the faster response and cooperation with the relevant authorities, are creating the conditions for such dynamic initiatives, which can only have a positive impact on the Company, our country, and the wider region as well.” Similarly, on Chevron’s side, Andrew Deighan, Director of Exploration for the Middle East and North Africa, expressed satisfaction with the greater collaboration. “This is yet another significant milestone for Chevron as we continue to build our momentum in the Mediterranean region, an area where we seek to further expand and strengthen our global portfolio of exploration activities,” he noted. “Together with our partner, HELLENiQ ENERGY, and the Hellenic Republic, we look forward to assessing the hydrocarbon potential in Block 10, which is located in an interesting and unexplored area,” Deighan continued. “Chevron has significant expertise in developing oil and natural gas projects worldwide. We believe that the combination of our partner’s experience and support, together with our own resources and technological capabilities, will help promote and harness new energy sources in the region.’ About HELLENiQ ENERGY HELLENiQ ENERGY is one of the leading vertically integrated energy groups in Southeast Europe. It was founded in 1998 as HELLENIC PETROLEUM, with a history dating back to Greece’s first refinery in 1958. Today, it is the largest company in the country and one of the largest in Southeast Europe, based on annual revenue. By consistently implementing an ambitious transformation strategy, it has emerged as a regional leader in the energy sector, with a presence in eight countries and an ever-expanding international footprint. HELLENiQ ENERGY is active in the production, supply and trading of all forms of energy, with an increasing focus on new, cleaner forms of energy, as well as on renewable energy sources. Its portfolio includes the refining, supply, and marketing of liquid fuels and petrochemical products, the exploration and production of hydrocarbons and fuel trading, while the company is also expanding rapidly in the renewable energy sector. A strategic pillar of HELLENiQ ENERGY is the development of a fully vertically integrated “green” utility. Part of this strategy is Enerwave, the new name for Elpedison, a company that generates and supplies electricity and natural gas in Greece. This new business unit generates and supplies electricity, primarily from renewable sources, directly to the Greek market, fulfilling the Group’s commitment to a fair, affordable and secure energy transition. At the heart of HELLENiQ ENERGY’s strategy lies the development of its workforce, with the goal of becoming the employer of choice in the countries where it operates. At the same time, Corporate Social Responsibility is one of the key pillars of its operations, through which it designs and implements multifaceted programs to support the younger generation and society at large, positively impacting more than 2 million people each year worldwide. HELLENiQ ENERGY is headquartered in Athens, is listed on the Athens Stock Exchange (ticker symbol: ELPE), and has a secondary listing on the London Stock Exchange (LSE: HPLD) through Global Depositary Receipts (GDRs). www.helleniqenergy.com