In October 2008, following the 1st Cyprus Licencing Round, the Government of the Republic of Cyprus awarded Exploration License and Production Sharing Contract (EPSC) for Block 12 to Noble Energy International Ltd, for an initial term of three years.
Since 2008 Noble acquired new 2D and 3D seismic data and identified possible drilling targets. In September 2011, Noble Proceeded with its first exploratory drilling in Block 12, which resulted to a significant discovery (Aphrodite), with initial estimated gas quantities that ranged from 5 to 8 trillion cubic feet (tcf).
In December 2011 Noble Energy, after the approval of the Council of Ministers, transferred 15% respectively of its rights to the Delek Drilling L.P and Avner Oil & Gas Exploration L.P.
In 2013 Noble proceeded with an appraisal drilling at Aphrodite field to confirm gas quantities ranging from 3.6 to 6 tcf with a mean approximately 4.5 tcf. In June 2015 the Block 12 contractors declared the Aphrodite field a commercial discovery and submitted a Development and Production Plan to the Government of Cyprus.
At this stage, the Block 12 contractors are in discussions with buyers in the regional market for the sales of Aphrodite gas. CHC is participating in these gas sales discussions with the Block 12 contractors, in order to jointly market the GoC share of the Aphrodite gas. In addition, CHC is supporting the ongoing Government review of the submitted Development and Production Plan.