The successful completion of the first phase of exploration for hydrocarbons conducted by the ExxonMobil/HELLENiQ ENERGY consortium in the marine areas of the block “Southwest of Crete”, as well as the decision of the consortium to officially proceed to the second phase of investigations, was announced today by the Hellenic Hydrocarbons and Energy Management Company of Resources (EDEFEP).

The leasing companies ExxonMobil/HELLENiQ ENERGY notified EDEYEP of the completion of the first phase for the “Southwest of Crete” plot, and submitted their request for the start of the second phase of the research stage which will be the decisive factor for the final decision to conduct drilling .

The timeline for the first phase ended on 9 October 2024, with the next phase of investigations to officially begins today, October 10, 2024.

The second phase will have a duration of 3 years and concerns the minimum completion of the acquisition and processing of 3D seismic data.

What did the first phase of investigations include?

The first phase program included, among other things, the acquisition and processing of 3,250 km of 2D seismic data, and the carrying out of a geochemical survey. The initial phase of the marine geophysical surveys, completed in March 2023, was carried out by the international marine geophysical data acquisition and processing company PGS (now merged with the TGS company), on behalf of the lessee companies ExxonMobil and HELLENiQ ENERGY. PGS completed the work program with complete success while adhering to strict environmental measures such as the ‘soft start’ protocol and the ‘exclusion zone’. The final works carried out exceeded the minimum expenditure provided for in the relevant contract, amounting to 5,000,000 euros, as well as the minimum work schedule, as a total of 7,789 kilometers of seismic were acquired against the 3,250 minimum required.

It should be noted that the ExxonMobil/HELLENiQ ENERGY joint venture has already conducted preliminary 3D geophysical surveys in the area, again in collaboration with PGS, during the first quarter of 2024. These surveys involved mapping the bottom and most superficial subsurface layers , and the geophysical data collected are already in the stage of interpretation and evaluation.

The Managing Director of EDEYEP, Aristophanes Stefatos, stated regarding the developments: “The decision of the consortium to formally announce the activation of the next phase of research in the “Southwest of Crete” plot, comes a year after the decision of HELLENiQ ENERGY to proceed as well in the second phase of investigations in the plots “Ionio” and “Block 10″. The fact that the investors active in Greece are continuing their research work at an uninterrupted pace is very satisfying to us. And this because it confirms our assessment that the Greek area has potentially significant reserves of natural gas, which can give impetus to the economic development of the country and strengthen the energy security of the wider region. We want to emphasize the excellent cooperation with the investors who have already performed a large part of the contractual obligations and the second phase of investigations. Which means that they are moving at a faster pace than the relevant timetable foresees, respecting to the absolute extent the strict measures for the protection of the environment and marine life”.