Delek Drilling and Avner Oil and Gas LP announced an updated resources report following the drilling of an exploratory well in Cypriot Block 12, which estimates that the natural gas reserves in the block fell since the last report but the exploration programme for the well progressed.

According to the report, compiled by Netherland, Sewell and Associates , Inc and published in “Globes” Israeli business arena, the amount of condensate in the reservoir is 8.1 million barrels. In the previous report, the condensate in the reservoir was estimated to be below economic quantities.
The total best estimate of resources fell from 5.2 TCF (trillion cubic feet) to 4.1 TCF, mainly because of a reduction in the estimate of the thickness of the C sands layer. The estimate of the probability of success in that layer rose, however, from 79% to 95%.
The overall low estimate of contingent resources rose by 30%, while the high estimate fell by 25%. The partnerships explained that the narrowing of the range between the low and high estimates was normal as the exploration program for the well progressed.