As stated in the announcement following the merger through absorption of ‘ONYX AGRITOURISTIC S.A.’, ‘GREEN HOPE AGRITOURISTIC S.A.’, and ‘AGANOR MONOPROSOPE IKE’, the COMPANY automatically succeeds, by operation of law, to all assets, rights, obligations, and legal relationships of the absorbed entities.
Consequently, among other things, the company has become the successor to the following two contracts with the Greek State, specifically:
A. A Lease Agreement with a duration of twenty-five (25) years, including the right to extend the management rights of the certified low-temperature geothermal field in Sani-Afytos. This field has a reservoir depth of up to 500 meters, a geothermal fluid temperature of 35-45°C, and an area of 5 km², adjacent to the company’s owned lands. This certified geothermal field includes two (2) existing drilled wells, ranging in depth from 520 to 580 meters, which can be utilized for further exploitation and management of the certified geothermal field.
B. A Lease Agreement for the right to conduct research in a portion of the potential low-temperature geothermal field in Sani-Afytos, with geothermal fluid temperatures ranging from 25 to 45°C, covering an area of 7 km², located beneath the company’s owned properties, in accordance with the specified terms and agreements. Furthermore, as per the decision of the Secretary of the Decentralized Administration of Macedonia-Thrace (Ref. No.: 130301/31-12-2024), this Lease Agreement has been extended until 31-12-2025.
Within this context, and considering that the utilization of geothermal resources has significant positive environmental and economic benefits, our company announces its intention to explore the possibility of establishing a subsidiary. The primary objective of this subsidiary would be to carry out geothermal research and manage the geothermal field within the broader area of the company’s owned properties, in full alignment with the terms of the aforementioned lease agreements currently in effect.
