"Leviathan" production tests positive
Ratio Oil: The results were excellent and the natural gas is flowing smoothly.
The well's average flow rate is 36.1 million cubic feet of gas a day (similar to the rate at the Tamar well), and the initial pressure in the well is 8,515 PSI.
Ratio told "Globes" that the results were execellent and and that the natural gas flow was fairly smooth (i.e. without complications). It added that the production rate was controlled and limited by the equipment used for the production tests.
The Noble Homer Ferrington rig, which drilled the well, is due to leave the site, and move to the Myra and Sarah licenses to drill exploratory wells.
Six weeks ago, Noble Energy Inc. (NYSE: NBL) reported that drilling of the Leviathan 1 well was halted before reaching the deep oil-bearing target strata. It said that the decision to halt drilling at a depth of 6,500 meters was due to high pressures and mechanical limits.
Noble Energy said that natural gas was discovered at a depth of 21,000 feet (6,522 meters), and that this gas had a heavier composition than the gas discovered in shallower levels, suggesting a thermogenic source. Additionally, at a total depth of 21,400 feet, higher pressure was encountered indicating the possibility of an overlying seal.
Noble Energy is already considering leasing a deep water rig, which is currently in Egypt. The Leviathan drilling plan is targeting two deep oil-bearing strata.
Delek Group's share price rose 0.4% in morning trading to NIS 622.20, giving a market cap of NIS 7.1 billion, Avner's share price rose 2.7% to NIS 2.23, giving a market cap of NIS 7.3 billion, Delek Drilling's share price rose 2.6% trading to NIS 12.38, giving a market cap of NIS 6.6 billion, and Ratio's share price rose 4.9% trading to NIS 0.30, giving a market cap of NIS 2.2 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on June 18, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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