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HELPE-PETROCELTIC-KEC & BEACH PETROLEUM

Concession Contract in Mesaha region of the Western Desert in Upper Egypt, of a total area of 57,000 km2. The concession was signed in October 9, 2007. The companies participated in the consortium were Melrose by 40% (Consortium operator), HELLENIC PETROLEUM by 30% and Kuwait Energy by 30%.

In the Mesaha region, exploration activities continued with the evaluation of geophysical surveys (magnetic, gravimetric and seismic) and the first exploratory drilling, which spudded in the beginning of November 2012.

The consortium unanimously decided to return the area to the state company GANOPE, following  the results of the exploration drilling Mesaha 1x and without having any remaining financial obligations.