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Cyprus examining ENI-KOGAS request to re-evaluate model after second failed drilling

Xinhua, March 27, 2015 Adjust font size:

The Italian-South Korean ENI-KOGAS consortium has asked to re-evaluate its geologic model and its request is being examined very carefully, said Cyprus Energy Minister Yiorgos Lakkotrypis on Thursday.

Lakkotrypis said in a statement after briefing the council of ministers that no significant concentrations of hydrocarbons were discovered after the consortium's second drill reached its predefined depth of 5,485 meters.

"On the base of its geologic data collected from its two drillings, ENI-KOGAS consortium has asked to be allowed to make a re-evaluation of its geologic model and its request is being examined very carefully," Lakkotrypis said.

He said the data would be very helpful in continuing the gas exploration program.

Cypriot President Nicos Anastasiades on Thursday said there should be no disappointment about the second failed drilling, pointed out the example of Norway where rich gas deposits were discovered after three failed drills.

He added that the government's plans to develop the island's offshore hydrocarbon deposits "do not change at all".

Asked whether more time will be given to the ENI-KOGAS consortium to continue its exploration, he said these are issues which will be examined with "due seriousness".

The failed drilling is considered to be a setback to Cyprus' plans to develop hydrocarbons reserves in its exclusive economic zone that could help it return to growth after its 2013 bailout by international lenders.

ENI-KOGAS announced in December 2014 that an exploratory drill in the same block had failed to tap gas after reaching a depth of 5,800 meters. Endit