A grouping of ExxonMobil and Helleniq Energy has moved to the second stage of its natural gas seismic research in a block offshore the Greek island of Crete.

Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), a state-owned company, has now completed the first phase of research in the plot designated as south-west of Crete.

A joint statement released on Thursday confirmed that the second phase of investigations has started, with the results being a major factor in the decision to start drilling.

The first phase included the acquisition and processing of 7,789km of 2D seismic data, as opposed to the required minimum of 3,250km, and a detailed geochemical survey. This first phase ended on 9 October.

The next phase, which starts immediately, will include careful analysis of data and take three years to complete.

Helleniq Energy, one of the largest oil companies in south-east Europe, is a consortium of six subsidiaries and a number of additional companies with varying degrees of management control.