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2017

04/10/2017

ANNOUNCEMENT OF BUSINESS DEVELOPMENTS

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (“MOH”) hereby announces that on 27 September 2017, MVU Brazos Corp. (“MVB”) acquired 30% interest in the Manning Project (Angelina County, Texas, USA) with effective date 15 August 2017.

The project involves the drilling of one mandatory and one contingent well. The mandatory well is expected to be drilled at the beginning of 2018. The participation of the consortium members in the contingent well, if drilled, will be optional. MOH’s participation cost for both wells is estimated at USD 2.5 million.

MVB has paid an amount of USD 236,674 for the above acquisition.

 

In addition, it is hereby announced that MV Upstream Tanzania Limited has finally decided not to participate in the “Kilosa-Kilombero” License, onshore Tanzania, for which the investment community was notified on 27 June 2016. 

 

Maroussi, 4 October 2017

The Board of Directors

 

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