Delek, Noble Energy discover gas at Tanin well

The discovery totals 1.2-1.3 trillion cubic feet, making it larger than the Yam Tethys reservoir.

Delek Group Ltd. (TASE: DLEKG) and Noble Energy Inc. (NYSE: NBL) today reported a substantial natural gas discovery at a depth of 5,500 meters (including water) in the offshore Tanin 1 (Crocodile) well, 120 kilometers northwest of Haifa.

The Tanin discovery reportedly amounts to 1.2-1.3 trillion cubic feet, making it slightly larger than the two company's Yam Tethys reservoir, which is rapidly depleting. Delek Group owns its share of the Tanin license through Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L).

The well discovered net gas-bearing strata 40 meters thick, on the basis of logging while drilling tests. Noble Energy is now stabilizing the borehole in order to conduct wireline, electrical, seismic, and magnetic tests, as well as logging tests of the composition of the natural gas, rocks, and liquids at the well.

The target strata, part of the Tamar sands structure, are divided into two prospects - Sand A and Sand B.

The Tanin well was drilled by the Ensco 5006 rig (formerly North America Pride rig), after it drilled the Dolphin 1 well for Noble Energy and Delek.

In a separate development, Delek, Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) and Ratio Oil Exploration (1992) LP (TASE:RATI.L) decided not to develop the Or natural gas prospect, located in the Med Yavne offshore license.

Delek Group's share price rose 1.6% in morning trading to NIS 792.80, giving a market cap of NIS 8.9 billion, Avner's share price rose 2.7% to NIS 2.66, giving a market cap of NIS 8.7 billion, and Delek Drillin's share price rose 2.9% to NIS 15.35, giving a market cap of NIS 8.2 billion. Isramco's share price rose 1.3% to NIS 0.536, giving a market cap of NIS 6.4 billion, and Ratio's share price rose 1.4% to NIS 0.37, giving a market cap of NIS 2.7 billion.

Published by Globes [online], Israel business news - - on February 5, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

View comments in rows
Update by email about comments talkback
Your name
Please insert your name
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2016