Fresh from the disappointment of sub-commercial gas volumes at the highly anticipated Elektra wildcat on Cyprus Block 5 (MEES, 18 April), US major ExxonMobil is readying to spud the Pegasus-1 well on Block 10 some 12km to the south of its 3.2tcf 2019 Glaucus find (see map & MEES, MEES, 1 March 2019). Exxon (60%op) is partnered at both Block 5 and 10 by QatarEnergy (40%).
In contrast to Elektra, where up to 30tcf was targeted, Pegasus is seen as low-risk low-reward with a 1tcf pre-drill estimate and 80% chance of success. Talks have recently been held between Nicosia and Exxon about potential development scenarios that would look at developing Glaucus, and potentially Pegasus, in synergy with other nearby gas discoveries (MEES, 11 April). (CONTINUED - 173 WORDS)
