Delek Group, a partner in Block 12 offshore Cyprus, has reported that the consortium has approved a decision to drill the Aphrodite 2 well. The consortium is expected to use the ENSCO 5006 (DW semisub) to drill the well.
"We're hoping for appraisal drilling at Aphrodite before the end of July," said Charles Ellinas, chairman of the state hydrocarbons company KRETYK, to Cyprus Mail.
If drilling is successful, the well may be used as a production well in the future. A budget has been set at $117 million and drilling is expected to commence in two weeks. Drilling should take about four months to complete and reach a depth of 5,741 feet.
Results from drilling the discovery well, formation logs and initial evaluation work indicate an estimated gross resource range of 5 to 8 trillion cubic feet (Tcf), with a gross mean of 7 Tcf.
Appraisal drilling in the block has to commence soon since Noble Energy Inc.'s license on Block 12 expires this October but the concession has an option to renew for another two years.
Officials have also confirmed the possibility of a second prospect in the block, reported Cyprus Mail.
The Aphrodite gas field is located in the Mediterranean Sea off the coast of Cyprus in Block 12. Noble Energy operates the discovery with a 70-percent working interest while Delek Drilling and Avner Oil Exploration each hold 15-percent stakes.
Noble Energy received the concession to explore Block 12 in October 2008. In August 2011, the Texas-based company entered into a production-sharing agreement with the government regarding the block's commercial development.
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