Israel: Delek, Partners to Drill Karish 1 Well

Delek Group’s gas subsidiaries announced that a decision to drill Karish #1 has been approved based upon a report prepared by Netherland, Sewell and Associates (NSAI) of the unrisked gross (for 100% WI) prospective gas resources, as of December 31, 2012, for three prospective reservoirs located in the Karish 1 Prospect, Alon C License, off the shore of Israel.

According to this report the success for finding natural gas is 77%. In addition, the chances for finding natural gas, based on previous experience at developing similar fields, are a reasonable indicator for it to be commercial.

Also, Noble Energy Mediterranean Ltd., the operator, has recommended to its Karish partners (Delek Drilling and Avner) to approve the exploration well at Karish based on its evaluation of the potential gas and the chances of its commercial success.The budget of USD 90 million (100%) has been approved.

The drilling is expected to start in the coming days and last for approximately three months.

In addition, Delek Group’s gas subsidiaries together with their partners in the Tamar project have approved an update of its budget to approximately $3.2bn (for 100% WI) versus the previously approved budget of $3.1bn (for 100% WI).

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LNG World News Staff, March 11, 2013