Drilling points to potentially sizable deposit in Cyprus's Block 6

Cyprus's energy minister said on Thursday exploratory drilling off the island's southern coast in Block 6 of the island's exclusive economic zone (EEZ) has shown indications of a potentially sizable gas deposit.

Yiorgos Lakkotrypis said drilling by a consortium made up of Italy's ENI and France's Total has found an "extended column of pure natural gas" at a depth of 3,800 meters beneath the seabed.

The geological structure of the well is similar to the massive Zohr field in nearby Egyptian waters.

Lakkotrypis said more drilling is needed to determine the deposit's size. But he said this bodes well for other companies such as ExxonMobil that are licensed to drill in waters off Cyprus because it is now confirmed that the geological makeup of the area is similar to that of Zohr.

It is a a promising gas discovery, ENI said in a statement, adding that...