The state secretary for energy & mining at the capital investments ministry, Marko Perunovic, said:
- We have not received an official report from them, but in a presentation their management definitely told us that porosity and permeability are the basic characteristics of the site, that they are very unfavourable and that they are not what was expected
- They consider that well to be a dry hole
In December, the Montenegrin government extended by 6 months the deadline for the completion of the 1st phase of the project for exploratory offshore drilling for oil and gas by Eni - Novatek tie-up.
The consortium started exploratory drilling in March 2021 and initially planned to complete it within 4 to 6 months.
- The concessionaire is obliged to provide us with the final results in the next 6 months
- Let us not be too pessimistic, but I think that as far as the well on which the work done is concerned, the results will not be good in terms of potential production
Novatek and Eni each hold 50% interest in the concession.