The Republic of Cyprus issued a Navtex on Sunday for drilling operations at the 'Elektra' target in Block 5 of its Exclusive Economic Zone (EEZ). According to the Search and Rescue Coordination Center (JRCC), the Navtex is effective from January 19 to June 19, 2025, with the VALARIS DS-9 drillship conducting the activities.

Energy, Commerce, and Industry Minister Giorgos Papanastasiou confirmed the VALARIS DS-9’s positioning at Block 5 for the drilling project, managed by a consortium of ExxonMobil and Qatar Energy.

The Minister explained that the start of drilling depends on the precise positioning of the rig over the target, requiring alignment with the coordinates. This process, influenced by weather conditions, ensures that the 'Elektra' target is accurately centered beneath the drill.

Minister Papanastasiou expressed confidence that the full duration of the Navtex will not be necessary. Initial results are expected by the end of February 2025, with an official announcement on the deposit’s quantities anticipated in late March, following evaluation.