Cyprus News Agency: News in English, 11-12-28

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] President announces vast reserves of natural gas

[02] Natural gas discovery Offshore Cyprus,significant, Noble Energy

says

[01] President announces vast reserves of natural gas

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.

[02] Natural gas discovery Offshore Cyprus,significant, Noble Energy says

In a press release issued on Wednesday, Noble says, ``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,`` Nobles added, noting that ``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.``

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