After hitting a dry hole with its first well in the same block, ExxonMobil (stock ticker: XOM, $XOM) has announced that its Glaucus-1 well, located in Block 10 offshore Cyprus, encountered a gas-bearing reservoir of approximately 436 feet. The well went to 13,780 feet TD in 6,769 feet of water.
Exxon said the in-place natural gas resource estimate of approximately 5 trillion to 8 trillion cubic feet was based on preliminary interpretation of the well data.
ExxonMobil Exploration Company President Steve Greenlee called the discovery “encouraging results in a frontier exploration area. Glaucus-1 was the second of a two-well drilling program in Block 10. Exxon said the first well, Delphyne-1, did not encounter commercial quantities of hydrocarbons.
Through its subsidiary, Exxon is operator and holds 60 percent interest in the block. Qatar Petroleum International Upstream O.P.C. holds the other 40 percent interest.
