Announcement regarding the completion of drilling operations at «Elektra-1» well, in Block 5 of the EEZ of the Republic of Cyprus

The Ministry of Energy, Commerce and Industry announces the completion of drilling operations at the “Elektra-1” well, in Block 5 of the Exclusive Economic Zone (EEZ) of the Republic of Cyprus, conducted by the consortium of ExxonMobil Exploration and Production Cyprus (Offshore) Limited (Operator) and QatarEnergy International E&P LLC.

Well data and preliminary evaluation work indicate the presence of natural gas in non-commercial quantities.

According to Operator’s early assessment, “Elektra-1” has yielded encouraging results, confirming the existence of a hydrocarbon system and good quality reservoirs. The data collected during the drilling operations are being evaluated to determine consortium’s future plans in Block 5.

The “Valaris DS-9” drillship, which carried out the drilling operations, will now move to Block 10 of the EEZ of Cyprus to conduct exploration drilling at the “Pegasus-1” well site, on behalf of the consortium of ExxonMobil Exploration and Production Cyprus (Offshore) Limited and QatarEnergy International E&P LLC.

(GA/NZ/IA)

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