HELLENiQ UPSTREAM KYPARISSIAKOS GULF
Regarding the offshore area of Block 10 in Ionian Sea (Kyparissiakos Gulf), HELLENiQ UPSTREAM KYPARISSIAKOS GULF S.A. (100% operator) owns exclusively hydrocarbons exploration and exploitation rights for the offshore area of Block 10. The Lease Agreement was ratified by the Greek Parliament on October 10th of 2019 (Act of Law 4630/10.10.2019).
The Lease Agreement covers an eight (8) year exploration period, which is divided into three separate phases, and in the case of commercial discovery a twenty-five (25) year development and production phase of the deposits is foreseen.
It is an explicit commitment that marine geophysical surveys are carried out during the winter season with the utmost respect for the environment and the protection and conservation of biodiversity and critical habitats throughout the duration of exploration activities, faithfully following the international best practice and in in compliance with ACCOBAMS Agreement and the JNCC Guidelines and the relevant protection measures according to the approved Environmental Action Plan in strict compliance with the environmental requirements arising from Article 12 of the said Lease Agreement.