Energy Minister says data for “Calypso” target very encouraging, gas field located

Energy Minister Yiorgos Lakkotrypis said on Friday that there are very encouraging indications for Calypso target, in Cyprus’ Exclusive Economic Zone, where a gas field has been located, according to him.

Lakkotrypis said that more announcements should be expected next week.

The Minister met earlier on Friday with President Nicos Anastasiades at the Presidential Palace to inform him about the developments in a target named Calypso, in block 6 of Cyprus’ Exclusive Economic Zone.

He told the press that he wouldn’t make any announcements today as there are still some work that needs to be concluded, and added that the data are very encouraging.

We are in contact with the companies and announcements are likely to be made next week, said Lakkotrypis.

Replying to questions, he said that he wouldn’t go into details, but he noted that a gas field has been located.

As we are two days ahead of the elections, we wouldn’t like this to be seen as an attempt to create expectations, he added.

He said that the geology in Calypso is similar to that of the Egyptian gas reservoir Zhor.

The Minister added that the companies carrying out the exploratory drilling are likely to make announcements in the stock markets next week.

Source: Cyprus News Agency