US major ExxonMobil’s highly prospective Elektra well on Cyprus’ Block 5 has failed to discover commercial quantities of gas, MEES learns. Drilling encountered an active petroleum system, but the reservoir didn’t hold significant volumes of gas, a source involved in the drilling operations tells MEES. An official statement from Nicosia will be made next week. Neither Exxon nor the Cyprus Ministry of Energy responded to a request for comment.

Results had been expected at the end of March, but drilling encountered technical problems related to the high-pressure nature of the well, MEES understands. (CONTINUED - 533 WORDS)

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