BREAKING NEWS

Leviathan partners to raise gas reserves estimate

By GLOBES

APRIL 22, 2012 15:44

Sources inform ''Globes'' that the Leviathan partners - Noble Energy Inc. (NYSE: NBL), Delek Group Ltd. (TASE: DLEKG), and Ratio Oil Exploration (1992) LP (TASE:RATI.L) - will shortly announce that Leviathan's natural gas reserves are 3-4 trillion cubic feet (TCF) larger than previously estimated. In December, the partners increased Leviathan estimated gas reserves to 17 TCF from 16 TCF. The new estimate will increase the reserves to 20-21 TCF.

Energy market sources believe that the announcement will refer to higher quality natural gas than previously discovered in the upper strata at Leviathan - the gas which has made Leviathan the largest natural gas discovery of the decade. The sources also believe that the Leviathan 1 exploratory well, which is drilling to the deeper oil-bearing strata, found another hydrocarbon condensate reservoir.

In mid-January, the Leviathan partners sharply revised downward the potential oil reserves in the structure, but revised the gas reserves upwards. The revised estimates are of 600 million barrels of oil and an additional 4 (TCF) of natural gas. Delek and Ratio said that Leviathan's deep strata have two prospects have almost the same mean estimates substantial quantities of oil and gas.

The upper Lower Oligocene strata could have 285 million barrels of oil and 2 TCF of gas with a geological probability of success of 15-17%. The lower Middle and Lower Cretaceous strata could have 280 million barrels of oil and 2 TCF. The high estimate for the reservoirs are 1.2 billion barrels of oil and 7.5 TCF of gas in the upper strata and 560 million billion barrels of oil and 3.6 TCF of gas in the lower strata.

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