US Noble Energy that carries out an appraisal well in Cyprus` block 12 will proceed with a drill stem test in mid - September, Cyprus Energy Minister Giorgos Lakkotrypis has said.
"There is an intention to do a drill stem test to examine the pressure and the quality of the reservoir," Lakkotrypis told reporters following a presentation to the Oversees Cypriot that convene in Cyprus for their 17th International Conference.
Speaking to the oversees Cypriots, Lakkotrypis said that the appraisal well in block 12, which began last June is expected to complete by mid-September.
He said that the appraisal well is very important, as "the reserves discovered in block 12 are the fist Cypriot reserves which we hope will be confirmed soon."
Exploratory drilling carried out by Noble energy in 2011 revealed an estimated resource of 5 trillion cubic feet (tcf) to 8 tcf, with a mean of 7 tcf.
Furthermore, Lakkotrypis reaffirmed the government’s position to construct an LNG terminal in Cyprus, which will transform the island into an energy hub.
On the Memorandum of Understanding signed by the Cypriot government last June and the Delek Energy and Avner Drilling on the LNG terminal, Lakkotrypis said that the negotiations on a the final project agreement are expected to concluded by the end to the year.
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