Decisions over Cyprus’ prioritization, either to natural gas or oil, will be taken in spring 2014, Energy Minister Giorgos Lakkotrypis said on Thursday.

He said moreover that indications for oil in Cyprus’ exclusive economic zone block 12 were “encouraging”.

Asked about recent statements by Noble Energy Senior Vice Chairman Keith Elliot, who said that a typical success probability for oil exploration stands at around 20% in block 12, the Minister said that there are no discoveries of oil yet, therefore “the success probability remains low”.

He added that oil exploration is at initial stages and no drilling has taken place yet. Initial success rates stand usually at 20%-30%, the Minister noted.

Lakkotrypis said moreover that chances may rise as the analysis of seismic data progresses. Data analysis is expected to be completed next spring.

Asked when the government will decide over its priorities concerning hydrocarbons, the Minister said that “after all data have been analyzed, in spring 2014, decisions will be taken as to where our target lies, either on natural gas or oil”.

The Minister said that indications for oil were “encouraging” but noted that a lot of work needs to be done, in order to talk with certainty over the existence of oil reserves, their quantities and the exploitation potential.

In 2008 Cyprus signed its first hydrocarbon exploration contract with US-based Noble Energy for offshore block 12.

A senior Noble Energy official said on Wednesday that company data show a potential of 1,496 million barrels of Mesozoic oil in Cyprus’ EEZ block 12, based on the evaluation of 3D seismic surveys.