EDEYEP, the Hellenic Hydrocarbons and Energy Resources Management Company, has granted a 12-month extension, until March, 2025, to a hydrocarbon exploration license held by Energean and Helleniq Energy, formerly Hellenic Petroleum (ELPE), for offshore Block 2, west of Corfu and reaching the marine border with Italy.

The extension was granted following a request submitted by Energean, head of the two-member consortium exploring Block 2, to allow more time for the establishment of a land-based logistics base.

Meanwhile, processing of 3D data collected at Block 2 by geophysical services company PGS on behalf of the consortium is nearing completion, energypress sources informed. Signs to date are promising, indicating that drilling at the designated marine area is highly likely.

The two consortium members are expected to decide on whether to explore the offshore plot further over the next 12 months. If not, Energean and Helleniq Energy will be required to return their license to the Greek State.