Leviathan 3 drilling completed

Expectations are for the estimate of the Leviathan field reserves to rise to 19-20 TCF; official results will be available within 60 days.

Today, Noble Energy notified the partnerships in the Leviathan 3 prospect, Delek Drilling LP (TASE: DEDR.L), Avner Oil and Gas LP (TASE: AVNR.L) and Ratio Oil Exploration (1992) LP (TASE:RATI.L), that the exploratory drilling of the well had been completed. The statement said that natural gas had been discovered, and that the partnerships would announce the results of the drilling within 60 days. The expectations are for reserves of 19-20 TCF, compared with a current estimate of 16 TCF. The findings have been forwarded to NSAI, which will publish a reserves report within 60 days.

NSAI is a company with a high reputation in its filed, and, on the basis of past experience, the increase in reserves could be less than expected.

The rights in Leviathan 3 are owned by Noble Energy (39.666%), Delek Drilling (22.25%), Avner (22.25%) and Ratio (15%).

The Leviathan 3 drilling began in June, a kilometer away from the abandoned Leviathan 2 well. It is aimed at establishing more accurately the size of the Leviathan reserve discovered in late 2010.

Published by Globes [online], Israel business news - www.globes-online.com - on December 14, 2011

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

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