Joint operation agreements for continued ELPE license efforts

All texts concerning the change of shareholder status at ELPE Upstream, a new ELPE (Hellenic Petroleum) subsidiary that has taken on all of the parent company’s hydrocarbon exploration and production rights ahead of the group’s nearing privatization, have been completed, according to the TAIPED privatization fund’s annual development plan.

ELPE will proceed with a capital increase to facilitate the transfer of a 50.1 percent stake of ELPE Upstream to the Greek State, leaving a 49.9 percent stake of the subsidiary for the corporate group.

Potential buyers are preparing to submit binding bids to a sale offering 50.1 percent of the ELPE group. A deadline has yet to be set but a date within the first ten days of March is possible.

Joint Operation Agreements have been prepared to ensure the continuation of activities at ELPE’s various licenses even if the prospective ELPE majority shareholder decides to pursue a different exploration and production strategy.

The Joint Operation Agreements will enable existing shareholders of ELPE’s SPVs to increase or decrease stakes. ELPE has established various SPVs with partners for licenses at the Gulf of Patras, the Ionian Sea, western Greece and Crete.