Cyprus Concludes Second Hydrocarbon Licencing Round

In late 2011, Noble Energy International Ltd ("Noble") announced the discovery of an average of 7 trillion cubic feet of natural gas in Block 12 of the Republic of Cyprus' ("Cyprus") Exclusive Economic Zone ("EEZ"), which opened the way to a second hydrocarbons licencing round with the involvement of some major international companies and consortia enthusiastic about exploring and exploiting in the future these potentially vast reserves.

Pursuant to Article 3(2)(a) of the Directive 94/22/EC of the European Parliament and of the Council dated 30th May 1994, Cyprus, represented by the Ministry of Commerce, Industry and Tourism (the "Ministry"), published a notice in the Official Journal of the European Union on 11th February 2012 (Notice No. 2012/C 38/10) inviting interested contractors to apply for hydrocarbon exploration licences and subsequent hydrocarbon exploitation licences. By the expiration of the three month bidding period on 11 May 2012 five companies and