Statement: 15 companies are interested in the award of the Concession Contract on Hydrocarbon Production and Concession Contract on Exploration of the Offshore of Montenegro

With regard to the Invitation to express interest in the award of the Contract on Hydrocarbon Production Concession and the Contract on Montenegrin Offshore Exploration Concession published by the Ministry of Economy on 24 December 2010, 15 have companies submitted their letters of interest, as follows: Novatek-Russia; NIS- Gazprom NEFT – Serbia, HESS Corporation – USA; Trajan Oil&Gas-Energian Oil&Gas Great Britain – Greece; Edison SpA – Itally; Geopartners Limited – Great Britain; TDE Services – Hungary; HELLENIC Petroleum – Greece Sterlin Energy PLC – Great Britain; ENI – Italy; Northern Petroleum PLC – Great Britain; Total – France; INA – Croatia; Statoil ASA – Norway I Premieroil – Great Britain. Based on the previous explorations in the area of the Southern Adriatic there are several prospects located that may contain commercial deposits of oil and gas. The interest expressed by the mentioned companies is a significant incentive for the Government of Montenegro to capture value of this potential in line with the best international practice.

PR DEPARTMENT
MINISTRY OF ECONOMY