Partners consider options for Cypriot offshore gas development

Delek Group has provided a reserves update on Noble Energy’s Aphrodite gas discovery in block 12 offshore Cyprus.

Offshore staff

TEL AVIV, Israel –Delek Group has provided a reserves update on Noble Energy’s Aphrodite gas discovery in block 12 offshore Cyprus.

Netherlands Sewell & Associates has compiled a new report based on analysis of the well data. Included are wireline logs (electrical, radioactive, magnetic, and seismic tests), lithological tests (cuttings and core), and composition and pressure tests of gases and fluids.

Some of the resources in the reservoir were proved by the A-1 well, and have therefore been classified as Contingent. Other resources in adjacent fault blocks were not proved-up and therefore remain Prospective.

The contingent natural gas resources (in billion cubic feet, or bcf) as of Jan. 31, 2012, are specified below:

Target
Probability
Natural Gas
Sand C
Low Estimate
225.5
Best Estimate
1150.6
High Estimate
1952.1
Sand D1
Low Estimate
19.6
Best Estimate
232.8
High Estimate
467
Sand D2
Low Estimate
243.2
Best Estimate344
High Estimate
478.1

Delek says Noble will examine different scenarios for developing the Aphrodite reservoir, including integration with the development programs of adjacent reservoirs offshore Israel, such as theLeviathan field.

Bearing in mind the limited potential domestic gas market in Cyprus, the partners will examine the scope for construction of infrastructure facilities for export of Aphrodite’s gas.

3/9/2012

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