Cyprus's Block 12 has 12-20 TCF of gas - report

The report by Cypriot daily "Politis" does not cite sources and cannot be confirmed.

Cypriot daily "Politis" reports that Noble Energy Inc. (NYSE: NBL) believes that Block 12 has 12-20 trillion cubic feet (TCF) of natural gas. The report does not cite any sources and cannot be confirmed. Noble Energy is due to announce the results of its exploratory well at Block 12 this week.

If confirmed, it means that Block 12 is at least as large as Leviathan nearby, owned by Noble Energy and its partners, Delek Group Ltd. (TASE: DLEKG) and Ratio Oil Exploration (1992) LP (TASE:RATI.L). Delek, controlled by Yitzhak Tshuva, has an option to acquire 30% of the rights of the Block 12 concession.

Earlier this week, Cypriot website "Philenews" reported that Block 12 has 8-13 TCF. That report was also unconfirmed and unverified. Last month, Noble Energy said that Block 12 had 3-9 TCF, with a geological probability of success of 60%, based on the 3D seismic survey of the structure. This was well below earlier estimates of 10 TCF.

Published by Globes [online], Israel business news - www.globes-online.com - on December 22, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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