Estimations On Cyprus Gas Reserves Expected Soon

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 22, 2011 -- Antoniadou`s comments came in the wake of press reports suggesting that block 12 natural gas deposits are approximately 8 trillion cubic feet. Houston-based Noble Energy, which began drilling in September in the block, said last month that Block 12 natural gas gross resources are estimated at 3-10 trillion cubic feet (tcf) with a 60% probability of geologic success.

``We will know for sure when the appraisal work concludes. Drilling has reached the targeted depth and appraisal checks are being carried out,`` Antoniadou said replying to questions. Antoniadou added that various minor delays in the three-month drilling process have led to a one week delay in the announcement of the estimates, adding ``we expect to have something more concrete to say around Christmas``.

Asked about the second licensing round, Antoniadou said the Ministry is currently working on the necessary documents to announce the second licensing round. She added the Ministry is working on the contract on the basis of which the agreements will be made, adding that the Ministry plans to improve the contract used in the first licensing round.

Cyprus granted in October 2008 the exploration license for block 12 to US Noble, which began exploratory drilling on September 18 this year. The second licensing round will cover the remaining 12 blocks of Cyprus` EEZ.CNA

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