Cyprus-Forum.com

[bill cobbett]

Noble Energy Announces Significant Natural Gas Discovery Offshore Republic of Cyprus
HOUSTON, Dec. 28, 2011 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced today a natural gas discovery at the Cyprus Block 12 prospect, offshore the Republic of Cyprus. The Cyprus A-1 well encountered approximately 310 feet of net natural gas pay in multiple high-quality Miocene sand intervals.

The discovery well was drilled to a depth of 19,225 feet in water depth of about 5,540 feet. Results from drilling, formation logs and initial evaluation work indicate an estimated gross resource range(1) of 5 to 8 trillion cubic feet (Tcf), with a gross mean of 7 Tcf. The Cyprus Block 12 field covers approximately 40 square miles and will require additional appraisal drilling prior to development.

Charles D. Davidson, Noble Energy's Chairman and CEO, said, "We are excited to announce the discovery of significant natural gas resources in Cyprus on Block 12. This is the fifth consecutive natural gas field discovery for Noble Energy and our partners in the greater Levant basin, with total gross mean resources for the five discoveries currently estimated to be over 33 Tcf. This latest discovery in Cyprus further highlights the quality and significance of this world-class basin."

Davidson went on to say, "We would like to thank the Government of Cyprus for their productive cooperation and support in achieving an important outcome for the people of Cyprus and Noble Energy. We look forward to working closely with the Government of Cyprus to develop this discovery in a manner that maximizes value for all stakeholders."

Noble Energy operates the well with a 70 percent working interest. Delek Drilling and Avner Oil Exploration will each have 15 percent, subject to final approval by the Government of Cyprus.

(1) Range of resource estimate based on 75th and 25th percentile probabilities.


http://investors.nobleenergyinc.com/releases.cfm

[Hermes]

Well this is very nice news for the people of Cyprus. I'm off for some champagne.

[boulio]

congratulations to cyprus

kales doulies.

[Hermes]

There's even more reason to be cheerful...

The gross mean resource range of 5-8 tcf could be a conservative estimate, U.S. based brokerage Sterne Agee said. "If we use prior news releases on the Tamar and Leviathan discoveries as a guide, we believe that today's initial resource report by Noble is likely to be conservative, and we would not be surprised to see significant upward revisions in the next couple of years as the project nears production," Sterne Agee analyst Michael McAllister said in a note. Leviathan and Tamar are two fields off Israel.

Proven discoveries could make Cyprus, which now relies almost exclusively on imported and expensive fuel oil to fire its energy grids, self sufficient for decades...

http://www.reuters.com/article/2011/12/ ... 28?rpc=401

[boulio]

yep i read the same thing that its more like 12-14 trillion cf of natuarl gas as well as a substantial oil deposit.

[wyoming cowboy]

woo hooo!!!!! were gonna be rich......when should i be checking the mail box for the royalty check...lololohehehah

[humanist]

don't dream on that much mate ...... even the communists turn capitalists when it comes to large amounts of money. We still have not heard how how the funds will be distributed. I suspect buying lotsa guns and fliers will be the first priority.

[CBBB]

So we now have a range between 5 and 14 tcf, so do I order 1 Bentley or 2?

[Hermes]

Gas find worth ‘tens of billions’, minister says

Some points from this article worth highlighting.

1. The value of the deposits from yesterday's announcement. Worth "tens of billions" according to the Energy Minister: "the deposits in one of the 13 blocks are worth around €100 billion in value,” she said.

2. The minister added that some sort of national company needed to be created to manage the existence of hydrocarbons in Cyprus’ EEZ, giving the state a “decisive role” in wealth management.

3. Communications Minister Efthymios Flourentzos struck a note of optimism, saying that as a public listed company, Noble would always announce a more conservative estimate of the quantities of natural gas, so as not to run afoul of the New York Securities and Exchange Commission.

4. University of Cyprus professor and member of the group of experts appointed to advise the government, Panos Papanastasiou agreed, saying the find was “possibly the second largest offshore gas find in the last decade. Companies are usually conservative. They don’t announce figures and then downgrade them because they run the risk of being penalised,” he said.

5. Professor of Chemical and Biomolecular Engineering at the University of Houston, Michael Economides, said the total quantity of all deposits in Cyprus’ EEZ could reach 75 tcf. He called on the government to set up a national petroleum company, which could then go 30 per cent public, raising “at least” $10 billion for the state.

6. Goldman Sachs published a research report yesterday stating that the Cyprus success may help fast-track EU-based liquefied natural gas development. “We view this as significant because we believe there are fewer political hurdles for consumers to take gas from an EU country,” it said.

[Viewpoint]

So what Dubai is an oil rich country but who would up sticks and go live there of their own freewill? Good luck to you people as long as you keep to the south part of the island.