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HELPE Group statement about reports referring to a "discovery of an important reserve"

In response to certain reports referring to a “discovery of an important reserve” in the Greek territory, HELPE Group would like to state the following: ”Even though indications or estimates for natural gas and oil reserves may exist in various regions around the world, to draw a safe conclusion regarding the existence of exploitable reserves, serious work and analyses are needed and of course time.

Today, in Greece, according to the facts at our disposal, HELLENIC PETROLEUM is not yet able to discuss the existence, the size of the reserves or their commercial exploitability. Let us bear in mind that regarding the areas in question, exploration has not even started yet.

It is rather common, in events or conferences to start a discussion on indications and estimates regarding hydrocarbons, to exchange views and explore various scenarios. All the above however should be assessed accordingly and they cannot form the basis for announcements regarding the existence of reserves.

In HELLENIC PETROLEUM, we feel it is particularly important to communicate with the relevant state authorities, investors and citizens based solely on hard facts, without jumping to hurried conclusions.”