Noble Energy declares discovery at Karish

Karish has a gross mean of 1.8 trillion cubic feet of gas; the market had expected 2 trillion.

Noble Energy Inc. (NYSE: NBL) today announced a natural gas discovery at the Karish prospect in the Alon C license, with a gross mean of 1.8 trillion cubic feet (TCF) of gas.

The capital market had expected a discovery of 2 TCF.

Noble Energy said that with the addition of Karish and the recent increase in resource estimates at Tamar and Leviathan, total discovered gross mean resources in the Levant Basin were now estimated at 38 TCF.

In mid-May, Noble Energy's partner in Karish, Delek Group Ltd. (TASE: DLEKG), reported "substantial signs of gas" at Karish, after the well reached a depth of 4,790 meters (including the depth of the water). Karish is Delek and Noble Energy's fifth discovery in the Levant Basin.

Noble Energy owns 47.06% of the Alon C license, and Delek units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each own 26.47%.

Drilling of the Karish 1 well began in March, and cost $90 million. According to the prospective resources report, published in December, there was a 77% chance of finding gas. The well is located 75 kilometers northwest of Haifa. Its target strata were Tamar Sands.

Published by Globes [online], Israel business news - www.globes-online.com - on May 22, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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