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Delek units approve Alon A drilling

31 Aug, 2011 15:07
שלח תגובה במיילGlobes' correspondent

The offshore well northwest of Haifa will cost $50 million, not including production tests.

Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) have approved a $50 million budget for an exploratory well at the Alon A license. The budget does not include the cost of production tests. Their partner in the license, Noble Energy Inc. (NYSE: NBL), will be the well operator.

The offshore well, which will be named Tanin 1 (Crocodile), is located 120 kilometers northwest of Haifa.

Avner and Delek Drilling will each provide 26.5% of the budget and Noble Energy will provide 47.1%. The companies have not yet decided when to carry out the drilling, or whether it will be in one stage or two.

The deep-water well will be located in water at a depth of 1,770 and will drill to target strata at a depth of 3,702 meters.

Netherland and Sewell & Associates Inc. estimate that Alon A license has a 62% probability of success of finding 1.15 billion cubic meters of gas.

Avner's share price rose 0.6% by mid-afternoon to NIS 1.91, giving a market cap of NIS 6.33 billion, and Delek Drilling's share price rose 0.9% to NIS 10.72, giving a market cap of NIS 5.81 billion

Published by Globes [online], Israel business news - www.globes-online.com - on August 31, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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