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PRESS RELEASES

Results of exploration well A1-NC210 in Libya
14.07.2006
Hellenic Petroleum S.A., following relevant statements from the consortium operator this morning, announced to ASE that the A1-NC210 exploration well being drilled by Woodside Energy (N.A.) Ltd., (Contractor of the consortium with Hellenic Petroleum and Repsol YPF) in NC210 in Libya’s Murzuq Basin has reached a total depth of 1042 metres.
 
The OD&E Rig is drilling the well, which is located approximately 1000 km south of Tripoli and 150 km south of the producing Al Wafa Gas Field. 
 
Wireline Logs data indicate that the well had encountered seven separate hydrocarbon  bearing zones.
A production test of the deepest zone confirmed the presence of a gas column and flowed 5.5 million standard cubic feet of gas per day (MMscfd) through a 52/64 inch choke. The Absolute Open Flow is calculated to be 19.9 MMscfd.
 
Woodside Energy (N.A.) Ltd. is drilling the well as Contractor under an Exploration and Production Sharing Agreement with the National Oil Corporation of the Great Socialist People’s Libyan Arab Jamahiriya. 
Interests in the Exploration and Production Sharing Agreement and the associated joint venture are:
Woodside Energy (N.A.) Ltd        45% (operator)
Repsol Exploración Murzuq, S.A. 35%
Hellenic Petroleum S.A.                20%
 
In the framework of the above developments, the Chairman of B.o.D, Mr. E.N. Christodoulou made the following statements:
 
“We are very pleased to announce that, our first exploration well in the area NC-120 in Murzuq Basin, drilled seven geological horizons bearing hydrocarbons. In this respect, our policy in the E & P sector goes according to our plans and objectives.
I would also like to notify, that this well was the second in a row in our Libya operations, which encountered hydrocarbons. A few weeks ago the well A1 – NC 209 in Sirte encountered an oil column, the commerciality of which remains to be examined in the coming period, by drilling one more exploration well in this block.
These positive initial results should be further verified by a concrete programme of exploration and validation, in order for the Group to be able to specify various important parameters, such as potential reserves, production capacity and expected financial results”.