The ExxonMobil/HELLENiQ ENERGY consortium in the marine areas of the "Southwest of Crete" field officially proceeded to the second phase of exploration, as announced today by the Hellenic Hydrocarbons and Energy Resources Management Company.

The leasing companies ExxonMobil and HeleniQ Energy have notified EDEYEP of the completion of the first phase for the "Southwest Crete" plot and submitted their request for the start of the second phase of the exploration stage, which will be the decisive one for the final decision to drill.

THE FIRST PHASE

The first phase program included, among other things, the acquisition and processing of 3,250 km of 2D seismic data and 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 TGS) on behalf of the tenant companies ExxonMobil and HeleniQ Energy. PGS completed the work program successfully 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 of 5,000,000 euros provided for in the contract and the minimum work program, as a total of 7,789 km of seismic were recovered against the 3,250 minimum required.

The schedule for the first phase ended on 9 October 2024, with the next stage of exploration officially commencing today, 10 October 2024. The second phase will have a duration of 3 years and will involve the minimum completion of the acquisition and processing of 3D seismic data.

It should be noted that the ExxonMobil/HELLENiQ Energy consortium 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 of the seabed and the more superficial layers of the subsurface, and the geophysical data collected is already being interpreted and evaluated.

Aristophanes Stefatos, CEO of the HEPC, commented on the developments: "The consortium's decision to formally announce the activation of the next phase of exploration on the "Southwest Crete" property comes one year after HELLENiQ Energy's decision to also proceed with the second phase of exploration on the "Ionian" and "Block 10" properties. The fact that investors operating in Greece are continuing their exploration work at a steady pace is very satisfying. This is because it confirms our assessment that Greece has potentially significant natural gas reserves that can boost the country's economic development and enhance the energy security of the wider region. We would like to underline the excellent cooperation with the investors who have already executed a large part of the contractual obligations and the second phase of exploration. This means that they are moving faster than the relevant timetable, in full respect of the strict measures to protect the environment and marine life."