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South Cyprus gas exploration continues

29 May 2013

South Cyprus continues gas exploration offshore with an appraisal well in block 12 of Cyprus’ exclusive economic zone. Drilling is expected to begin in the next two weeks and is set to last approximately four months.

According to announcement issued by the Delek Group`s gas subsidiaries, Delek Drilling LP and Avner LP, a decision to drill Aphrodite, located in Block 12 offshore Cyprus, has been approved.

Noble Energy Mediterranean Ltd., the operator, has recommended to the Aphrodite partners (Delek Drilling and Avner) to approve the appraisal well at Aphrodite No.2 as part of the work plan that was approved by South Cyprus government under the Production Sharing Contract.

It is noted that this drilling may be used as a production well in the future. The budget of the drilling is 117 million dollars. The depth of the well is expected to be approximately 1,750 meters, and planned final depth drilling is approximately 5,600 meters below sea level.

Exploratory drilling conducted by Noble Energy in Block 12 of Cyprus’ EEZ has revealed a gross natural gas reserve from 3 to 9 trillion cubic feet (tcf) with a 60% probability of geologic success.

Noble is expected to extract and transfer to Cyprus natural gas by late 2018. Contracts were signed with the ENI/KOGAS consortium in blocks 2, 3 and 9 within Cyprus’ EEZ and Total for blocks 10 and 11 in the context of the 2nd licensing round.

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