President announces natural gas discovery offshore Cyprus

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Cyprus President Demetris Cristofias announced that the results of Noble Energy's exploratory drilling in Cyprus' block 12 are positive, describing the discovery of hydrocarbons as historic for the island.

In a televised address on Wednesday, Christofias said that Noble discovered 310 feet of net natural gas pay, adding that the drilling reached a depth of 19,225 feet in water depth of about 5,540 feet.

''The initial data that emerged from the exploratory drilling and the evaluation checks carried out indicate the existence of a natural gas reservoir ranging from 5 to 8 trillion cubic feet (tcf) with a gross mean of 7 tcf,'' he added.

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