ARTICLE
8 October 2013

Another Milestone Along Cyprus's Path To Renewed Prosperity

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Elias Neocleous & Co LLC

Contributor

Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
Noble Energy has announced today that the appraisal well drilled on the Block 12 discovery offshore Cyprus has successfully encountered natural gas pay within the targeted strata.
Cyprus Energy and Natural Resources

Noble Energy has announced today that the appraisal well drilled on the Block 12 discovery offshore Cyprus has successfully encountered natural gas pay within the targeted strata. Evaluation of the test data has resulted in an updated estimate of gross resources of the field ranging from 3.6 trillion cubic feet (Tcf) of natural gas to 6 Tcf, with a mean of approximately 5 Tcf. The Cyprus A structure represents the third largest field discovered to date within the Deepwater Levant Basin.

While the revised mean gross resources of the field are somewhat lower than initial estimates, Noble's statement emphasised that the test results confirm substantial natural gas resources and good deliverability.

Confirmation of these substantial resources represents another milestone on Cyprus's path to renewed prosperity.

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