Gas starts flowing from Noa North field

Delek and Noble Energy will shortly publish updated resources reports for the Noa and Pinnacles fields.

Noble Energy Inc. (NYSE: NBL) has completed development of the Noa natural gas field, and gas began to flow from it began yesterday, the company's partners in the field, Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L), announced today.

The Noa North field is adjacent to the Pinnacles field. Both are satellite fields of Yam Tethys, which Noble Energy and Delek own. Gas flow from the Pinnacles field was temporarily halted last week, due to the presence of hydrogen sulfide in the gas produced.

The Noa and Pinnacles fields are offshore from Ashkelon. The Pinnacles field's reserves are estimated at one billion cubic meters (BCM) and the Noa field is estimated at 2.3 BCM. Noble Energy and Delek expect to produce 1.2 BCM from Noa.

Delek and Noble Energy are due to shortly publish updated resources reports for the Noa and Pinnacles fields. Noble Energy owns 47.1% of Noa, and Delek owns 52.9%.

Delek Group's share price fell 1.6% in early trading today to NIS 580.30, giving a market cap of NIS 6.7 billion, Avner's share price fell 1% to NIS 2.14, giving a market cap of NIS 7.2 billion, and Delek Drilling's share price fell 0.8% to NIS 11.80, giving a market cap of NIS 6.5 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on June 24, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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