Exxon Mobil's (XOM) Elektra-1 well off the coast of Cyprus did not find commercial quantities of natural gas, the country's Ministry of Energy, Commerce and Industry said Monday.

"Well data and preliminary evaluation work indicate the presence of natural gas in non-commercial quantities," the ministry said, following the completion of drilling operations by a consortium comprising ExxonMobil Exploration and Production Cyprus, as operator, and QatarEnergy International.

The ministry noted that based on the operator's early assessment, the well "has yielded encouraging results," confirming the presence of a hydrocarbon system and good quality reservoirs.

The drillship used for the operation will now move to another block within Cyprus' Exclusive Economic Zone to conduct exploration drilling at the Pegasus-1 well site, the ministry said.

The company didn't immediately respond to a request for comment from MT Newswires.

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