Tamar Drilling Ops Receive Approval (Israel)

Delek Group’s gas subsidiaries, Delek Drilling LP and Avner LP, announced yesterday that a decision to drill exploration well at South West (SW) Tamar prospect, located in Tamar I/12 lease and Eran/353 license offshore Israel, has been approved.

According to the resources report prepared by Netherland Sewell and Associates Inc. and which was prepared according to SPE-PRMS rules, the best estimate of the undiscovered resources located in SW Tamar prospect, as published on August 21, 2013, amounted to 684 BCF (for 100% WI) at a 90% probability of success. Noble Energy Mediterranean Ltd., the operator, has recommended to the partners to approve the exploration well. The budget of USD 122 million (100%) has been approved (excluding production tests).

The drilling is expected to start in the coming two weeks, after finishing the drilling and production tests at Aphrodite A-2 in Cyprus, and last for approximately four months. The depth of the well is expected to be approximately 1,650 meters, and planned final depth drilling is approximately 5,300 meters below sea level.

Press Release, September 11, 2013

 

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