C.O. Cyprus Opportunity Energy Public Company LTD

Legal Proceedings Report • May 3, 2017

ANNOUNCEMENT

Further to the announcement dated 29 March 2016, regarding the commencement of the 3rd Licensing Round for offshore exploration Blocks 6, 8 and 10 in the Republic of Cyprus' Exclusive Economic Zone and the announcement dated January 2nd 2017, regarding the Council of Ministers' announcement on its selected applicants for negotiations on the terms and provisions of the Exploration and Production Sharing Contracts, C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED (the "Company") would like to inform the investment public as follows:

Even though the Recourse for the Cypriot Supreme Court, with respect to the Company's application for Block 8 is still pending for the court ruling, according to the announcement of the Press and Information Office, on April 6, 2017, The Republic of Cyprus signed of the Exploration and Production Sharing Contract as well as the Hydrocarbons Exploration License for Block 8 in the Exclusive Economic Zone (EEZ) of Cyprus and the 3rd Licensing Round is officially concluded. Eni Cyprus Limited is licensed for Block 8¹ .

The Company is considering its steps with this respect.

Nicosia, 3 May 2017