The partners in the Pelagic licenses, near Leviathan, today announced that they will begin drilling the Aphrodite 2 exploratory well in November in the Ishai license, at a cost of $103 million. The well is located 160 kilometers northwest of Haifa. The drilling to Oligocene and Miocene strata at a depth of 6,000 meters (including the water depth of 1,700 meters) is due to take 87 days.
Israel Opportunity Energy Resources LP (TASE: ISOP.L) owns 10% of the five Pelagic licenses, Benny Steinmetz's Nammax Oil and Gas Ltd. owns 42.5% and two companies owned by Teddy Sagi, Frendum Investments Ltd. and Daden Investment Ltd. own 33.5%, and 9%, respectively, and well operator AGR Petroleum Services Holdings AS of Norway owns 5%. Noble Corporation's (NYSE: NB) Homer Ferrington rig, which is currently drilling the Sarah 1 exploratory well, will drill the Aphrodite 2 well.
The Ishai, the first of the five Pelagic licenses to be drilled, has an estimated 3.7 trillion cubic feet (TCF) of natural gas with a 76.7% geological chance of success. The five Pelagic licenses - Aditya, Ishai, Lela, Yahav, and Yoad - cover 500,000 acres between the Leviathan discovery and the Cypriot Block 12 (Aphrodite) discovery.
Published by Globes [online], Israel business news - www.globes-online.com - on October 18, 2012
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