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Cyprus Energy Minister: No change in natgas plans

16 April, 2014

Timetables set out with regard to our plans for the exploitation of hydrocarbon reserves are still in effect, Minister of Energy, Commerce, Industry and Tourism Yiorgos Lakkotrypis has said.

According to an official press release issued here, invited by reporters, on the sidelines of the official visit of the President of the Republic Nicos Anastasiades to Abu Dhabi, to comment on a press agency report that Israel is changing plans with regard to its hydrocarbon reserves, Lakkotrypis said that “the choices of the partnership that is operating in Israel’s Exclusive Economic Zone have always been known.”

Asked whether there has been any delay in the implementation of Cyprus` plans, Lakkotrypis said that “we are within the timetables that we have set.”

In response to another question, Mr. Lakkotrypis said that the Government is working for the conclusion of the agreement of a project for the land-based terminal and the commencement of the exploratory drilling which will last 12 to 18 months.

Preliminary results of an appraisal well carried out by Houston-based Noble Energy 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 percent working interest. Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership each own 15 percent. 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’ EEZ.