No decision has been taken to carry out exploratory drilling in the offshore plots of Crete, nor is it about to be taken in the near future, Helleniq Energy CEO Andreas Shiamishis said during the conference call following the announcement of the 2023 results.
Shiamishis confirmed reports that 3D geophysical studies are underway, referring to the next steps. He also made it clear that even if a decision is made for exploratory drilling, it will take at least 12-18 months before “the drilling rig arrives”, as it is a particularly difficult process that requires the commitment of large funds.
On Thursday, HELLENiQ ENERGY Holdings SA announced its 2023 financial results, with adjusted EBITDA coming in at 1,237 million euros and adjusted net income amounting to 606 million euros.
Results were mainly driven by strong international industry backdrop, higher refinery availability and increased exports, improved performance from our international portfolio as well as higher contribution from RES.
Reported net income amounted to 478 million euros, reflecting a negative impact from crude and products inventory valuation following a decline of international prices since 2022.
Commenting on the results, Shiamishis appeared optimistic for the coming years.
He explained that a large part of the profitability of 2023 came from improvements in the company’s operation and the implementation of the strategic transformation program Vision 2025, factors that are controllable and predictable, in contrast to the international environment and prices of the goods.
