A consortium consisting of Greece’s Hellenic Petroleum, Melrose Resources and Oil Search signed on October 9, a concession agreement for the exploration and production of hydrocarbons in the Mesaha area in Egypt with the Egyptian government.
The concession area, which covers an unexplored sedimentary basin, is bounded by the Sudanese border in Upper Egypt and has an area of 57,00 km2, Hellenic Petroleum said in a statement.
The initial exploration period is four years and can be extended to a maximum of 9 years. The gross financial commitment is $14.3 million and Hellenic Petroleum holds a 30% interest in the block.