Noble Energy abandoning Pinnacles well

The move is because of water flow in the well, which is in the Yam Tethys project.

The Israel partners (Avner Oil and Gas LP (TASE: AVNR.L) Delek Drilling, and Delek Group Ltd. (TASE: DLEKG)) in the Pinnacles natural gas satellite well, which is close to the Mari-B reserve in the Yam Tethys project, reported to the Tel Aviv Stock Exchange this morning that Noble Energy, the US partner in the drilling, had notified them that because of a substantial rise in the rate of water flow in the course of producing gas from the well, it had decided to close the well and to prepare to abandon it.

According to the notice to the stock exchange, the process of abandoning the well will be carried out in 2014, after the appropriate permissions are received and the required materials and equipment are obtained.

In the light of this development, the partners are drawing up an updated assessment of the Yam Tethys reserves, and a follow-up report will be released as soon as the assessment is complete.

Published by Globes [online], Israel business news - - on August 4, 2013

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

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