Helleniq Energy and ExxonMobil will decide in the next three to six months on exploratory drilling in the offshore blocks southwest of Crete, according to what Helleniq Energy Chief Executive Officer Andreas Shiamishis told analysts on Friday during the presentation of the company’s 2024 financial results.

The cost of drilling, he said, will depend, among other things, on the availability of drills and is estimated at between $50-80 million, depending on whether a drill will need to be transported to Crete or if one that has undertaken other drilling in the area will be used.

As for Elpedison, Helleniq Energy management estimates that the completion of the 50% acquisition agreement from Italian company Edison will be completed in the next quarter and its full integration into the group will be completed in the third quarter of the year.

Elpedison, whose EBITDA after the acquisition will increase to 300 million euros by 2030, according to Shiamishis, is consistent with the group’s portfolio in renewable energy sources, which at the end of 2024 had an installed capacity of close to 500 MW. The goal is 1 gigawatt of installed capacity by 2026 and 2 GW by 2030.

These goals, according to the group’s deputy CEO, George Alexopoulos, will be achieved both through acquisitions and through organic development of RES, mainly in Balkan countries, given that the Greek market is now mature and the returns are much lower compared to neighboring countries.

Shiamishis appeared particularly satisfied, because 2024 marked the successful completion of the first cycle of the group’s strategic transformation, which, as he said, “now aims at a balanced and realistic energy transition,” while pending issues such as the acquisition of 100% of Elpedison and the sale of its participation in DEPA were addressed.

In fact, the sale of the participation in DEPA has resulted in an increase in the dividend that will be paid to the company’s shareholders for 2024 from €0.55 per share to €0.75 per share.

Source: Ekathimerini.com