In January 2013, following the 2nd Cyprus Hydrocarbons Licencing Round, the Government of the Republic of Cyprus awarded Exploration License and Production Sharing Contract (EPSC) for Blocks 2, 3 & 9 to ENI International BV and Korea Gas Corporation (KOGAS), for an initial term of three years. The consortium acquired new 2D and 3D data covering the three Blocks and evaluated possible targets.
The Italian and South Korean partners proceeded with two exploration wells in Block 9, targeting the Theseus Prospect (Amathusa 1 well) and the Jason Prospect (Onasagoras 1 well), but failed to find exploitable amounts of natural gas.
The consortium is currently re-evaluating its geological model based on geological data collected from both their Cypriot drilling campaign, and from the nearby Zohr gas discovery. These findings are being used in order to identify new exploration prospects, with further exploration drilling being planned.
CHC participates in the Production Sharing Contract management committee on behalf of the Government of Cyprus.