The Egyptian General Petroleum Corporation, EGPC, announced on Sunday, 30 April 2006, the results of the International Bid Round 1 2005 for Exploration & Production of hydrocarbons. Hellenic Petroleum S.A., in the frame of its strategy to develop its Exploration & Production of Hydrocarbons sector, participated in the aforementioned Bid Round having submitted bids for 2 of the 13 tendered regions. EGPC has informed us that the region of West Obayed in the Western Desert was awarded to Hellenic Petroleum as operator and we were invited to participate in the final negotiations to be held in Cairo (during May) for the execution of the final contract. The region of West Obayed spans 1,841 square kilometers and borders with the region of Obayed, where a gas field is in production, which is operated by Shell. The commitment of Hellenic Petroleum for the first three years of the exploration phase in West Obayed includes seismic survey and the drilling of three exploratory wells. The final contract between EGPC and Hellenic Petroleum will be counter-signed by Egypt's Minister for Petroleum and will have the force of law.