Cyprus-Forum.com

[Hermes]

So it was pressing that Block 12 was developed quickly to catch up with the Israelis in a poss shared reservoir. May explain what some have condemned as the "rush" to drill Block 12.

Thanks for the explanation, Bill. So it wasn't chosen because it had potentially the largest reserves based on seismic data? The other blocks could yield as equally large or greater reserves?

[bill cobbett]

So it was pressing that Block 12 was developed quickly to catch up with the Israelis in a poss shared reservoir. May explain what some have condemned as the "rush" to drill Block 12.

Thanks for the explanation, Bill. So it wasn't chosen because it had potentially the largest reserves based on seismic data? The other blocks could yield as equally large or greater reserves?

On the strength of their known finds in Israeli waters and on the strength of their access to the adjoining Israel data, think Noble knew Block 12 was a good prospect before they invested in the Block 12 seismic data.Think there were also logistical benefits, with such things as joint pipe-lines, for Noble to get Block 12 to augment their interests in adjoining Israeli fields and the obvious very important political reasons for CY in developing Block 12 with Israel.

As to the prospects in other blocks... sorry mate ... have no hard info on the other blocks, other than to say that the interest from other oil/gas companies may be an indication. They do seem to have been very willing to make over mega-money for the seismic data for the other blocks. Blocks which are geologically identical and an extension of Block 12 to the westwards... so it may well be oil and gas all the way to Crete.

How much of a geological gamble are these firms taking? Well, these oil/gas firms will have knowledge of the geology in the other blocks. It is public knowledge.

Have a look at this report from the US Geological Survey to give an idea of the potential if Israeli/Egyptian finds are replicated in geologically similar CY waters. It doesn't talk about billions of cf of gas... it uses units in Trillions.

http://pubs.usgs.gov/fs/2010/3014/pdf/FS10-3014.pdf

[bill cobbett]

Oooooh ... Noble share price has jumped 7% today...


Last Price Change Open Day High 52-Week High
98.39
6.40 (6.957%) 95.99 98.54 101.27
Volume Previous Close Day Low 52-Week Low
2,388,300 91.99 94.99 65.91

... and one analyst on the strength of some kind of "research issued note" issued to investors has given Noble a target price of 123 USD... wonder what that "note" was about???

Equities research analysts at Barclays Capital (NYSE: BCS) raised their price target on shares of Noble Energy (NYSE: NBL) from $109.00 to $123.00 in a research issued note to investors on Wednesday.

[kurupetos]

http://www.neurope.eu/article/gas-find- ... ics-region

[bill cobbett]

According to the Noble web-site, they are investigating a floating LNG plant for two of the Israeli fields...

HOUSTON, Nov. 29, 2011 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced that the partners in the Tamar and Dalit fields, offshore Israel, have entered into a Heads of Agreement (HOA) with Daewoo Shipbuilding & Marine Engineering Co. Ltd. and D&H Solutions AS to evaluate Floating LNG for the export of natural gas from the Tamar and Dalit fields.

[bill cobbett]

As per an option in the contract...

The Cypriot government agreed to transfer 30% of Block 12 rights from Noble Energy to Avner and Delek Drilling, Cypriot website "inews" says.

http://www.globes.co.il/serveen/globes/ ... 26fid=1725

So two Israeli companies now have direct interests in Aphrodite/Block 12.

[kurupetos]

It wouldn't be a bad idea to create a CY drilling company.

[B25]

It wouldn't be a bad idea to create a CY drilling company.

Probably some ministers already have on the quiet

Another reason why some don't want to leave office at this stage

[Hermes]

Bonanza update!

Block 12 could contain $450 billion worth of gas and oil, says expert

BLOCK 12 in Cyprus’ Exclusive Economic Zone (EEZ) could contain more than $450 billion in natural gas and oil, according to one academic cited by the Greek press today.

According to Imerisia newspaper, which cited Professor of Chemical and Biomolecular Engineering at the University of Houston, Michael Economides, there are around 3.7 billion barrels of oil in the block.

The government is set to announce a more precise estimate of the total amount of hydrocarbons in Block 12 by Christmas, Commerce Minister Praxoulla Antoniadou said today.

Antoniadou said the government has carried out a painstaking and intensive process to complete the exploratory drilling, overcoming several problems.

Later today she is sue to meet with government technocrats to discuss contracts for the proportional allocation of licenses to explore the remaining blocks in Cyprus’ EEZ.

http://www.cyprus-mail.com/oil/block-12 ... t/20111206

[Kikapu]

Bonanza update!

Block 12 could contain $450 billion worth of gas and oil, says expert

BLOCK 12 in Cyprus’ Exclusive Economic Zone (EEZ) could contain more than $450 billion in natural gas and oil, according to one academic cited by the Greek press today.

According to Imerisia newspaper, which cited Professor of Chemical and Biomolecular Engineering at the University of Houston, Michael Economides, there are around 3.7 billion barrels of oil in the block.

The government is set to announce a more precise estimate of the total amount of hydrocarbons in Block 12 by Christmas, Commerce Minister Praxoulla Antoniadou said today.

Antoniadou said the government has carried out a painstaking and intensive process to complete the exploratory drilling, overcoming several problems.

Later today she is sue to meet with government technocrats to discuss contracts for the proportional allocation of licenses to explore the remaining blocks in Cyprus’ EEZ.

http://www.cyprus-mail.com/oil/block-12 ... t/20111206

I bet Turkey will find even bigger bonanza bounty when they start drilling on the beaches of Famagusta, just to keep the TCs in line to convince them not to settle for a solution based on EU Principles:

I don't care what Christofias has said about sharing the Gas and Oil money with the TCs even if there is no solution, if I were the TCs, I wouldn't count on them receiving a penny to be sent to the "trnc". The ONLY benefit they will gain, is what they already get now from the RoC with pensions, health care and jobs. Perhaps they might build more highways too. The point is, the "trnc" won't get a penny to be used in the north.