Noble revises Cyprus estimates

October 3, 2013

Noble Energy, Inc. has downgraded the gross resource potential of its A-2 appraisal well, drilled on the Block 12 discovery offshore the Republic of Cyprus. With the reserve potential initially set between 5-8Tcf, the company has now lowered its figures to 3.6-6Tcf. The Houston-based company said the test was limited by surface equipment.

The company also completed an 1,100sq. mi. 3D seismic acquisition, to be analyzed over the coming months.

Noble Energy operates Block 12 offshore the Republic of Cyprus with a 70% working interest. Delek Drilling and Avner Oil Exploration each have 15% working interest.

In June, Cyprus approved the preliminary deal from Noble Energy and its partners on an LNG terminal, also licensing France's Total, Italy's ENI, and South Korea's KoGas to drill offshore.

Energy Minister Yiorgos Lakkotrypis told Reuters that Cyprus was committed to completing the LNG terminal.

Noble Energy plans to move the Ensco 5006 drilling rig to Tamar SW, offshore Israel, at the completion of operations offshore Cyprus. The Tamar SW well, testing an exploration prospect offsetting the main Tamar field, is expected to reach total depth by the end of 2013. Noble Energy operates Tamar SW with a 36% working interest.

Image: The Ensco 5006



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