ExxonMobil to join Energean, HELLENiQ in gas exploration project by Greece

The companies ExxonMobil (XOM), Energean (EERGF), and HELLENiQ ENERGY Upstream announce the Farm-In Agreement for ExxonMobil’s participation in the Block 2 concession, located in the northwestern Ionian Sea, adjacent to the Italian Exclusive Economic Zone, EEZ. According to the agreement: ExxonMobil acquires 60% of the concession; Energean’s participation is set at 30%, down from 75%; HELLENiQ ENERGY’s participation is set at 10%, down from 25%; Energean will remain the Operator of the concession during the exploration stage; In the event of a hydrocarbon discovery, ExxonMobil will assume operatorship during the development stage. Completion of the transaction remains subject to applicable governmental approvals and the satisfaction of customary closing deliverables. The exploratory drilling is expected to take place in late 2026 or early 2027, provided that all necessary approvals and permits are obtained in a timely manner from the competent authorities, and that the exploration phase is extended to ensure sufficient time for project completion within the planned schedule.