Leviathan exploratory drilling results delayed

Investors in Leviathan’s Israel partners have been waiting for weeks for the results from the exploratory well.

By OMER RABIN
December 9, 2010 23:26
1 minute read.
THE ICDP rig at work

THE ICDP rig Dead Sea 58. (photo credit: Sasson Tiram)

 
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The Israeli partners in the Leviathan prospect on Thursday notified the Tel Aviv Stock Exchange that a delay was likely in completing various tests on the Leviathan 1 well.

The results were due to be published on Monday but won’t be ready until late this month. The tests include the logs (electrical tests) in the main target strata (prospect NG 10).

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Investors in Leviathan’s Israel partners – Delek Group Ltd. units Avner Oil and Gas LP and Delek Drilling LP, and Ratio Oil Exploration (1992) LP – have been waiting for weeks for the results from the exploratory well. The Israeli companies said their US partner and well operator, Noble Energy Inc. unit Noble Energy Mediterranean Inc., informed them of the delay.

Two weeks ago, the Leviathan partners announced that signs of natural gas were found in Leviathan’s first target strata, at a depth of 5,100 meters. Seismic studies indicate the presence of 16 trillion cubic feet of natural gas in the structure, almost double the quantity at Tamar, which is also partly owned by Delek and Noble Energy.

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