Noble Energy Inc. (NYSE: NBL) has proposed commencing initial exploratory drilling at the Hanna and Alon A licenses offshore from Haifa. The proposal was revealed by Noble Energy's partner's in the licenses Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) in a notice to the Tel Aviv Stock Exchange (TASE) yesterday.
The notice said that Noble Energy had recommended taking advantage of the time required to conduct a routine service of the Blowout Preventer (BOP) system of the Sedco Express rig, which is implementing the development drilling at the Tamar field, in order to start the first stage of the Hanna and Alon A drilling, which does not require a BOP system.
The first phase in one of these drilling is likely to start very soon. The exploratory drilling will be made to a depth of 2,600 meters, and according to Noble Energy each of the two drillings will take about one week and cost $9 million.
After the two drillings are completed, the Sedco Express rig will return to the Tamar development drilling. The second stage of the drilling, when it is conducted, will cost about $50 million for each license.
Delek Drilling and Avner said they were, "Examining Noble Energy's recommendations to conduct the drilling but had not yet approved their implementation." The companies added that a decision would be taken on the matter very soon.
Noble Energy holds 39.66% of the Hanna license, Delek Drilling and Avner 22.67% each, and Ratio Oil Exploration (1992) LP (TASE:RATI.L) 15%.
Noble Energy holds 47.1% of the Alon A license, Delek Drilling 27.8%, and Avner 25.1%.
Published by Globes, Israel business news - www.globes-online.com - on August 24, 2011
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