Lakkotrypis: Very encouraging data on the goal "Cover"

The Minister of Energy, Trade, Industry and Tourism, George Lakkotrypis, spoke today about very encouraging elements in the Calypso target, in section 6 of the Cyprus EEZ, clarifying that more announcements should be expected within the next week, and after work is completed.

In his statements to the President, after a meeting he had with the President of the Republic Nikos Anastasiadis, whom he informed about the developments regarding the Calypso goal, Mr. Lakkotrypis stressed that today no announcement will be made about the results of drilling at the Calypso target because the work has not yet been completed.

George Lakkotrypis said that he informed the President of the Republic about the progress of the work on the goal and noted that the data are very encouraging and that it takes time, however, to complete the work as planned.

"We are in consultation with the companies and most likely the announcements will be made next week," he said.

Responding to questions from reporters, the Minister of Energy stated that he would not go into details and reiterated that they are very encouraging (the data) as a deposit has been identified, indicating that the morphology of this target is complex, resulting in more time.

Asked whether the amount of the deposit is exploitable, Mr. Lakkotrypis said that he will not go into such details and added that since "we are two days before the elections, we do not want it to be perceived that we are trying to build expectations."

"The data are encouraging, so far, the work continues, not to forget that we are dealing with two companies that are listed on the stock exchanges of their countries. Everything must be done in the right way. "We will not be affected by the fact that we have elections," he said.

Asked, the Minister of Energy stated that the geology is of a similar type to Zor. "Until then, I will not talk about quantities or anything else," he said.

Asked why he is making these statements today, on the eve of the elections, creating even without giving data, some hopes, and he did not wait until the work is completed, Mr. Lakkotrypis said "because the expectation was built that I came to inform the President and suddenly we saw that announcements were imminent. No other announcement will be made. "

Asked if the fact that the company needs a few more days than the 35 initially announced, is interpreted positively or negatively, the Minister of Energy said that such geological structures, carbonated, are what they call "alive" and not are identical to each other, so many times some differences and some peculiarities may arise, as was the case here.

Asked when the announcements from the companies are expected to be made in the stock exchanges, Mr. Lakkotrypis answered: "most likely next week".

In another question, Mr. Lakkotrypis said that he confirms that there are encouraging facts. "Until there. We do not want to be perceived as raising expectations. It's what it is, I'm forced to make this statement precisely for the reason I mentioned above, to be a little patient, "he added.

Source: KYPE