EDEY, the Greek Hydrocarbon Management Company, has granted upstream company Energean a second extension, for two-and-half years, from April 3, to conduct exploration work at its onshore Ioaninna field in Greece’s northwest.

Energean had previously been given a six-month extension beyond April 3, which expired yesterday.

The upstream company, listed on the London and Tel Aviv bourses, requested further exploration time for its Ioaninna field as a result of bureaucratic delays linked to the withdrawal of former field project partner Repsol, which was the operator with a 60 percent stake, sources informed.

The extension highlights Energean’s determination to not abandon its licenses and keep exploring for possible hydrocarbon deposits, despite the unfavorable conditions and prospects for fossil fuels, company sources told energypress.