Delek Drilling and Avner report that the amount of condensate in the reservoir is put at 8.1 million barrels.
Yesterday evening, Delek Drilling and Avner Oil and Gas LP (TASE: AVNR.L) announced an updated resources report following the drilling of an exploratory well in Cypriot Block 12. According to the report, compiled by Netherland, Sewell and Associates , Inc., the amount of condensate in the reservoir is 8.1 million barrels. In the previous report, the condensate in the reservoir was estimated to be below economic quantities.
The total best estimate of resources fell from 5.2 TCF (trillion cubic feet) to 4.1 TCF, mainly because of a reduction in the estimate of the thickness of the C sands layer. The estimate of the probability of success in that layer rose, however, from 79% to 95%.
The overall low estimate of contingent resources rose by 30%, while the high estimate fell by 25%. The partnerships explained that the narrowing of the range between the low and high estimates was normal as the exploration program for the well progressed.
Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2013
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