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Leviathan partners to drill further well

11 Nov, 2012 10:07
שלח תגובה במיילKobi Yeshayahou

The Leviathan 4 well's budget is $110 million. It is planned to serve as a production well in the future.

The Ensco 5006 rig has completed the capping of the Leviathan 2 well, Leviathan's Israeli partners - Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L), and Ratio Oil Exploration (1992) LP (TASE:RATI.L) announced in a notice to the TASE today, on the basis of a notice from their partner and well operator Noble Energy Inc. (NYSE: NBL).

Over the coming year, Noble Energy, in coordination with the Ministry of Energy and Water Resources, intends to monitor the area of the Leviathan 2 well to check the effectiveness of the capping and will carry out additional capping, if necessary, to allow for the full abandonment of the well.

Noble Energy estimates the cost of the capping, including the rig's waiting expenses and the monitoring, at $85 million. (Leviathan partners' insurance policy covers the capping, among other things, up to a cost of $200 million).

Leviathan's partners also announced the decision to drilling the Leviathan 4 exploration well in the area of the Rachel license. "Noble Energy advises the partners to drill the well on the basis of the estimated natural gas resources at Leviathan. The operator notified the partners in the Leviathan 4 well that a gas field which covers an extensive area such as Leviathan requires the drilling of several exploration wells. The well is planned to function as a production well for the Leviathan natural gas reservoir in the future," the announcement said.

The well is located 125 kilometers west of Haifa. Drilling is due to begin in four months to natural gas bearing target strata at a depth of 5,300 meters, including water depth of 1,600 meters.

The estimated cost of the well is $110 million.

Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2012

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

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