NEOS Says Frontier Oil, Gas Province Emerging in Lebanon

NEOS on Monday announced promising findings from a regional oil & gas prospectivity study that it completed in Lebanon.

The company believes a frontier oil & gas province is now emerging in the country.

“After completing an extensive interpretation of the geoscience datasets we acquired, we identified many indicators of a hydrocarbon system. Given that only seven wells have ever been drilled in Lebanon, I believe the potential upside from additional exploration – including drilling – is huge,' Jim Hollis, NEOS President and CEO, commented.

The results came from the company’s neoBASIN study to evaluate the prospectivity of a 6,000 km2 area encompassing the onshore northern half of the country and the transition zone (TZ) along the Mediterranean coastline. Insights from the neoBASIN interpretation revealed tell-tale signs of a highly prospective hydrocarbon system.

Arthur Nazarian, Lebanese Minister of Energy & Water, commented, “As an indication of the importance in which we hold this project, the Ministry will begin undertaking all of the necessary procedures to ensure the development of a vibrant onshore exploration sector.”

The company is developing plans to acquire additional data, including seismic over the most promising structures, to further de-risk the opportunity and to secure the capital needed to drill the most promising locations.