US Noble Energy firm will carry out on Thursday a drill stem test in block 12 offshore Cyprus, Energy Minister George Lakkotrypis has said.
“The drill stem test is to examine the pressure and the quality of the reservoir…the possibility of a second confirmatory drilling taking place at a later stage is there,” he also said.
The results of the test should be ready in a month’s time, according to the Minister.
The estimated budget for these tests is approximately US$64 million, as the Houston-based firm carries out an appraisal well in Cyprus` Block 12 since June.
Their exploratory drilling in 2011 discovered an estimated resource of 5 trillion cubic feet (tcf) to 8 tcf, with a mean of 7 tcf.
Noble Energy operates Block 12 with a 70 percent working interest. Israeli subsidiaries Delek Drilling Limited Partnership and Avner Oil own 15 percent each.
In June, Nicosia signed with Noble and Delek and Avner signed a Memorandum of Understanding (MoU) on the construction of a Liquefied Natural Gas (LNG) terminal at Vasilikos, Limassol.