Extension of hydrocarbon research in the Ionian and Kyparissia Gulfs

Extension, until July 2023, for the completion of the first phase of hydrocarbon surveys in the marine area of the Ionian Sea and the Kyparissia Gulf they asked for and received Hellenic Petroleum from EDEY.

The first phase of the investigations, in accordance with the concession contracts ratified by the Parliament, includes the conduct of a two-dimensional seismic survey which ELPE completed in both areas, last March and April. Pending, however, is the interpretation of the data obtained from the research, which will depend on the transition to the next phase of research, which includes 3D seismic (which gives a better visualization of the subsoil) and, under conditions, exploratory drilling. The deadline for the completion of the second phase, following the extension of the period of the first phase, is moved to July 2026.

According to the decision of the Hellenic Hydrocarbons and Energy Resources Management Company (EDEY): “The consent of the Lessor is granted to the extension of the deadlines for the fulfillment of the Lessee’s obligations by nine months, i.e. until 9/7/2023, in order to complete the processing and the interpretation of the seismic data in the best way and to complete the relevant geological studies so that the Principal can decide on the entry into the Second Phase of the Research Stage”.

Exploration rights in both areas belong to ELPE, which last year acquired 50% of the rights in the Ionian area previously held by Spanish Repsol.

RES-EMP

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