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.