NEOS announced the promising findings from a regional oil & gas prospectivity study that it completed in Lebanon. NEOS believes a frontier oil & gas province is now emerging in the country.
Jim Hollis, NEOS President and CEO, commented, '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. It has been a pleasure to work with the Lebanon Ministry of Energy & Water, the Lebanon Petroleum Administration (LPA), and Petroserv - our local partner - on this hallmark project.'
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: