After hitting a dry hole with its first well in the same block, ExxonMobil (stock ticker: XOM, $XOM) has announced that its Glaucus-1 well, located in Block 10 offshore Cyprus, encountered a gas-bearing reservoir of approximately 436 feet. The well went to 13,780 feet TD in 6,769 feet of water.

Exxon said the in-place natural gas resource estimate of approximately 5 trillion to 8 trillion cubic feet was based on preliminary interpretation of the well data.

ExxonMobil Exploration Company President Steve Greenlee called the discovery “enco...


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