A sufficiently large and commercially viable oil reservoir has been discovered in Cyprus's second target in Block 10 named Glaucus-1, according to Kathimerini Cyprus sources with knowledge of the matter.
Official results from Exxonmobil are not expected until the end of next week.
The news of the discovery follows uncertain indications over natural gas deposits in an earlier exploratory drilling at Delphyne-1 target, also in Block 10.
As the sources explained to Kathimerini Cyprus, the geological formations of the Glaucus target are limestone sedimentary rocks. If oil has been found, it would mean that the Exxonmobil drill has reached about 6 km deep, they added.
Speaking to Kathimerini Cyprus during the initial stages of the exploratory drilling at Glaucus, ExxonMobil sources emphasized that this is a completely different geological target in comparison to Delphyne-1.
To proceed with the construction of Liquefied Natural Gas facilities, deposits will have to exceed 15 TCF.