ATP Makes Gas Discovery in Levant Basin Offshore Israel

ATP Oil & Gas Corporation today announced success at the Shimshon well in the Levant Basin of offshore Israel.

The Shimshon well, located in a water depth of 3,622 feet is being drilled with the Ensco 5006 rig.

The Shimshon well encountered more than 62 feet (19 meters) of natural gas pay in the Bet Guvrin sands. The Shimshon well was drilled to a subsea depth of 14,445 feet (4,403 meters). ATP expects to provide additional information about the discovery during the third quarter of 2012.

ATP East Med operates with a 40% working interest. Other interest owners in the well are Isramco Negev 2 LP (39%), Naphtha Exploration Limited Partnership (10%), INOC Dead Sea LP (10%) and I.O.C.-Israel (1%).

Isramco Negev, ATP’s partner in Shimshon, on March 6, 2011 reported that it received an independent reservoir engineering evaluation from Lockwood & Associates estimating gross potential natural gas resources at Shimshon and that they calculated assessment of the total geological and geophysical exploration probability of success of 20 percent to be reasonable. Lockwood said its high estimate of reserves to the 100% interest was for 3.4 TCF, the low estimate was 1.5 TCF and its best estimate was 2.3 TCF.

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Offshore Energy Today Staff, July 2, 2012