Noble Energy raises Leviathan reserves estimate

Noble Energy has completed the Leviathan 4 appraisal well and raised the reservoir's natural gas estimate from 17 TCF to 18 TCF.

Noble Energy Inc. (NYSE: NBL) has completed the Leviathan 4 appraisal well in the Rachel license and raised the reservoir's natural gas estimate from 17 trillion cubic feet (TCF) to 18 TCF, with a range of 15-21 TCF.

Noble Energy chairman and CEO Charles Davidson said, "The successful Leviathan number 4 well has provided us with additional information to improve our knowledge of this enormous resource. Our teams are working with our partners and the Israeli government towards sanction of a domestic project at Leviathan this year."

The Leviathan 4 appraisal well was drilled to a depth of 16,992 feet and encountered 454 net feet of natural gas pay in multiple intervals, the thickest net pay of any well drilled to date at Leviathan. Reservoir quality and the field-wide gas/water contact were confirmed at the well location and 240 feet of core were recovered.

Noble Energy added, "Following operations at Leviathan 4 and pending partner approval, the Ensco 5006 rig will be relocated to the Karish prospect in the Alon C license. The Karish prospect has a pre-drill gross mean resource estimate of 3 TCF, and a range of 2.3 to 3.6 TCF and is expected to reach total depth in the second quarter."

Noble Energy added, "The negotiations between the partners in Leviathan and Woodside Petroleum Ltd. (ASX: WPL) are ongoing. The parties remain committed to the execution of the farmout agreement supporting the development of the Leviathan resources."

Woodside CEO Peter Coleman said yesterday that he was confident of closing the deal to acquire 30% of the Leviathan reservoir. Noble Energy owns 39.66% of Leviathan, Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each own 22.67% and Ratio Oil Exploration (1992) LP (TASE:RATI.L) owns 15%. Noble Energy owns 47.06% of Karish and Avner and Delek Drilling each own 26.47%.

Published by Globes [online], Israel business news - - on March 7, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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