Data from the exploratory drilling at the Elektra-1 target in Block 5 of the Exclusive Economic Zone (EEZ) of the Republic of Cyprus has confirmed the presence of natural gas, but only in non-commercial quantities, according to the Ministry of Energy, Commerce and Industry.

Despite the limited reserves, the preliminary evaluation of the results has been described as encouraging, confirming the existence of a hydrocarbon system and good quality reservoirs. The Valaris DS-9 drillship is now preparing to continue its operations in Block 10, targeting the Pegasus-1 prospect.

The drilling was carried out by a consortium comprising ExxonMobil Exploration and Production Cyprus (Offshore) Limited (the operator) and QatarEnergy International E&P LLC.

“The data obtained from the exploratory drilling and the preliminary evaluation conducted so far indicate the presence of natural gas in non-commercial quantities,” the Ministry stated.

It added that, according to the operator’s initial assessment, the results of the Elektra-1 drilling are considered promising, confirming the presence of a hydrocarbon system and high-quality reservoirs. The information gathered during the drilling process is currently being assessed to inform the consortium’s future plans for Block 5.

The Valaris DS-9 drillship, which carried out the operation, will now move to Block 10 of Cyprus’ EEZ for a new exploratory drilling at the Pegasus-1 target on behalf of the ExxonMobil–QatarEnergy consortium.