11/26/2013 12:10

TASE reports signs of hydrocarbons, petroleum; findings are still “estimates and assumptions, which contain no certainty.”

Stakeholders in a potential new natural gas reservoir announced significant signs of hydrocarbons in the field, based on tests carried out during exploratory drilling trials.

Although the partners involved in exploring the new field – called Tamar Southwest – have not announced an updated estimate as to the quantity of gas in the reservoir, before drilling began in August, they released a Tel Aviv Stock Exchange report on Tuesday estimating that the field would contain approximately 19 billion cubic meters of gas.

Tamar Southwest, as its name indicates, is located southwest of the much larger, 282b. cu.m. Tamar reservoir and southeast of the even larger, roughly 535b. cu.m. Leviathan reservoir.

Because the Tamar Southwest reservoir is located mostly within the Tamar license block, but also overlaps with the Eran license block – the block sandwiched between the Tamar and Leviathan gas fields – Tamar partners will own an 80 percent share of Tamar Southwest, while the Leviathan partners will hold a 20% share.

At Tamar, Houston-based Noble Energy holds 36%, Delek Drilling and Avner Oil Exploration – both subsidiaries of the Delek Group – own 15.625% each, while Isramco owns 28.75% and Dor Gas owns 4%.

At Leviathan, Noble Energy owns 39.66%, Delek Drilling and Avner Oil Exploration each own 22.67% and Ratio Oil Exploration holds 15%.

The tests used to draw the conclusion that significant amounts of petroleum are likely present in the reservoir involved “logging while drilling” – acquiring real time data during drilling – techniques, which showed that the target drilling layer probably contains natural gas, the companies explained in their TASE report.

At this stage, drilling activities to reach the final target depth are taking place, after which drillers will execute works for the stabilization and preservation of the drilling hole, the companies said. This will enable the explorers to initiate “wireline logging” examinations, which will include electrical, seismic and magnetic tests.

Although stressing that there is likely a significant presence of natural gas in the Tamar Southwest reservoir, the companies acknowledged that “at this stage there are only estimates and assumptions, which contain no certainty.”