|The first hydrocarbon exploration company listed on the Cyprus Stock Exchange|
CO Cyprus Opportunity Energy Public Company Ltd, a Cyprus company with interests in energy, has been listed on the Cyprus Stock Exchange (CSE) on the 17th of July 2012 under the Emerging Companies Market. Cyprus opportunity is the first company specialising in hydrocarbons research and extraction to be listed on the Cyprus Stock Exchange. CO is a newly incorporated company whose primary intention is to participate in oil and/or gas exploration in the exclusive economic zone of Cyprus. The consortium consists of ISRAEL OPPORTUNITY from Israel, AGR from Norway, and the Cypriot partners PL PALACIO ESTATES LTD and KRIBEL BLUE EUPHORIA LTD
On May 11 this year, the company, as part of a consortium, submitted applications for two offshore licenses (for blocks 2 and 8) through the tender for the second licencing round.
The companies primary goal is to acquire a licence in one or more plots in the Cyprus economic zone. Should the company fail to obtain the licenses it applied for, the company has a Plan B and intends to create joint ventures with third parties in the exploration and production of other offshore licences.
In total, the second licencing round garnered 15 bids by 29 companies from around the world.
The bids are being evaluated by an advisory committee made up of permanent secretaries of the ministries of commerce, finance, foreign affairs and agriculture, along with the attorney-general, energy service director and geological survey department head. They will submit their recommendations to the Commerce Minister who will take them to cabinet for a final decision in November, after which negotiations with the preferred bidders will start.
Note: SOME OF PL LALACIO ESTATES LTD SHAREHOLDERS HOLD ALSO SHARES IN SOME OF LIVADIOTIS GROUP LIMITED COMPANIES