Latest Leviathan gas well offshore Israel shows strong results

Noble Energy (NYSE: NBL) has issued an upbeat verdict on its second Leviathan appraisal well in the Rachel license offshore Israel.

Offshore staff

HOUSTON --Noble Energy (NYSE: NBL) has issued an upbeat verdict on its second Leviathan appraisal well in the Rachel license offshore Israel.

Leviathan #4 was drilled to a TD of 16,992 ft. (5,158 m), encountering 454 net ft (138 m) of natural gas pay in multiple intervals, the thickest net pay of any well to date at the field.

Reservoir quality and the field-wide gas/water contact were confirmed at the well location, and 240 ft (73 m) of core was recovered. Noble says the results have improved its understanding of the reservoir, and led to an increase in estimated gas recovery from Leviathan to 18 tcf.

Charles D. Davidson, Noble Energy's chairman and CEO, said discussions continue with Israel’s government on sanction of a domestic project at Leviathan this year. Negotiations continue between the Leviathan partners and Woodside Petroleum (ASX: WPL) concerning afarmout agreement for the development. 

Pending partner approval, the rig drilling the latest well,Ensco 5006, will relocate to drill the Karish prospect in the Alon C Israeli offshore license.  Karish could hold 3 tcf of gas – the well should reach its target depth sometime this spring.

Noble operates Karish with a 47.06% stake, in partnership with Delek Drilling and Avner Oil Exploration (26.47% each).

3/8/2013

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