C.O. Cyprus Opportunity Energy Public Company Limited
C.O. Cyprus Opportunity – Energy Public Company Limited ("The Company") is an oil and gas exploration public company, located in Cyprus.
The Company was established in February 2012 by C.O. Cyprus Opportunity Oil & Gas Exploration Limited. The Company’s primary intention is to participate in oil and/or gas exploration in the Exclusive Economic Zone of Cyprus.
On May 11 2012, the Consortium, The Company together with AGR Energy AS, submitted applications through the tender for the 2nd Licensing Round issued by the government of Cyprus, inter alia, for the offshore deep water license, block 8. On July 17 2012, The Company was the first Oil and Gas Exploration company listed in the Cyprus Stock Exchange (CSE). On May 26 2013, the second licensing round ended and block 8 was not granted. According to The Company, the second licensing round has not been completed with respect to block 8.
On July 17 2013, the Consortium submitted a recourse to the Cypriot Supreme Court.
While the recourse is still pending, on March 24th, 2016, the Government of Cyprus published a notice, whereby it invites all interested persons to apply for Hydrocarbon Exploration Licenses and subsequent Hydrocarbon Exploitation Licenses in respect of block 6, block 8 and block 10 in the Exclusive Economic Zone of Cyprus.
On October 27th, 2015 the Company was granted with 5% of an onshore license in Israel. Located in the Israeli Judean Desert, near the Dead Sea, the "Hatrurim" License was the last ever onshore drilling operation by the Delek Group before discovering large quantities of offshore gas. To the best of the partnership’s knowledge, Delek decided not to proceed with the oil production due to low oil prices that time, which made it not economically viable.
On June 27th, 2017, The Company signed a Farmout Agreement for the acquisition of rights in 10 oil fields in North Dakota, USA.