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LICENSE FOR SEISMIC EXPLORATION GRANTED TO TOTAL E&P FOR BLOCK 10

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13-03-2014

LICENSE FOR SEISMIC EXPLORATION GRANTED TO TOTAL E&P FOR BLOCK 10

Total E&P Cyprus Ltd has been granted a license for seismic exploration for oil and gas in block 10 and in parts of blocks 6, 7 and 11 of Cyprus’ Exclusive Economic Zone. The company will carry out a two-dimensional seismic survey using a specific type of vessels to locate hydrocarbons in the specific blocks. The license is currently valid for three months, from February 1st - May 1st following which it may be renewed. Preliminary results, of a Noble Energy appraisal well for natural gas in Block 12 of Cyprus’ Exclusive Economic Zone, estimate the hydrocarbon reserve between 3.6tcf and 6tcf with a gross mean resource of 5tcf. Noble Energy operates Block 12 with a 70% working interest. Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15%.
 

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