leviathan gas drill.
(photo credit: (Albatross))
Sources inform “Globes’’ that the Pride North America rig arrived at the
Leviathan field Monday evening, and will begin drilling to the structure’s
deeper strata, where the 3D seismic survey indicates the presence of oil. The
Pride North America is replacing the Sedco Express rig at the site.
Israeli capital market is waiting tensely for the confirmation of the presence
of oil at Leviathan. The well’s US partner, Noble Energy Inc., is due to publish
drilling results in late March. Noble Energy owns 39.66 percent of Leviathan,
Delek Group Ltd. units Avner Oil and Gas LP and Delek Drilling LP subsidiaries
each own 22.67%, and Ratio Oil Exploration (1992) LP owns 15%.
share price has been falling steadily over the past two weeks, losing over 25%
of its value. The reasons range from a halt in purchases of shares by Yitzhak
Tshuva-controlled Delek from Ratio’s parties at interest to investors’ edginess
ahead of the publication of results from the exploratory well.
North America rig’s arrival at Leviathan dispelled one rumor in the Israeli
capital market – that Noble Energy planned to divert the rig to the company’s
concessions in Cypriot waters nearby. The unsubstantiated rumors caused
investors to sell shares in Leviathan’s Israeli partners, pushing down their
The Pride North America rig will drill to the third target
strata at a depth of 7,200 meters, where the 3D seismic survey indicates the
presence of 1.2 billion barrels of oil with an 8% chance of geological
The survey indicates the presence of three billion barrels of
oil with a 17% chance of geological success in the second target strata, at a
depth of 7,200 meters.
Delek Group’s share price fell 0.7% in morning
trading to NIS 874, but Avner’s share price rose 0.8% to NIS 2.27, Delek
Drilling’s share price rose 1.2% to NIS 13.07, and Ratio’s share price rose 3.5%
to NIS 0.533.