Noble Energy’s Aphrodite in the Eastern Mediterranean has been deemed commercial, according to the Delek Group.
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Map of Cyprus. From Noble. |
Aphrodite is located offshore Cyprus, Block 12 that covers approximately 2684sq km, and about 636,000 gross undeveloped acres adjacent to Noble’s Israel acreage.
Theproduction sharing contract (PSC) partnership in Block 12 submitted a declaration of commerciality to the Cypriot government on 5 June 2015.
The partners intend to submit a proposed outline for Aphrodite’s to the government of Cyprus, Delek said.
The Cyprus discovery, announced in 2011, has estimated gross mean resources of 5 Tcf. The discovery well encountered natural gas pay in multiple high-quality Miocene sand intervals. At the time of discovery, it was the fifth consecutive natural gas field discovery for Noble in the Eastern Mediterranean.
Noble is the operator of Block 12 with 70% interest. Partners Avner Oil Exploration and Delek Drilling each hold 15%.
Last week, Delek proposed a US$155 million deal to acquire 19.9% stake in Block 12 from Noble.
Negotiations are in the initial stages, Delek said in a statement, and there is no certainty that they will mature into any binding agreement. The transaction, as it progresses, is subject to various approvals, including the approval of Delek, Noble’s subsidiary Noble Cyprus, the approval of the Republic of Cyprus, as well as other approvals as required.
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