Noble Energy has announced today results from its Tamar appraisal well, known as Tamar-2, offshore Israel in the Matan license. At a total depth of 16,880 feet and in 5,530 feet of water, the well is located approximately 3.5 miles northeast of the original discovery, Tamar-1. Drilled on the flank of the structure with the intent of confirming reservoir quality and continuity, the appraisal was also designed to confirm the projected gas/water contact.
Reservoir thickness and quality were consistent with that encountered at the Tamar-1 location. Pressure data also confirmed continuous high quality reservoirs. The gas/water contact was encountered where projected in the middle reservoir and, as expected; no water contact was seen in the top reservoir. Whole core samples in three reservoirs were obtained to assist in the geologic and engineering studies needed for field development.
The results of Tamar-2 have considerably reduced the uncertainty in previous resource estimates for the structure. Accordingly, the gross mean resource estimate for Tamar has been raised to 6.3 trillion cubic feet, which represents a 26 percent increase from the estimate made following the Tamar-1 drilling and double the original pre-drill resource estimate for the prospect. In order to further confirm Tamar drilling results, a reservoir consulting firm has been retained to prepare an independent assessment of the discovered natural gas resources.
Charles D. Davidson, Noble Energy's Chairman and CEO, said, "The results of the appraisal well are extremely positive for Noble Energy, our partners, and the state of Israel. With drilling at Tamar and Dalit, we have already confirmed a very substantial amount of natural gas resources, perhaps over two decades of future supply based on projected needs. As such, we are moving forward with development plans focused on bringing the first phase of production to the Israeli shores by 2012."
Noble Energy operates the Matan license with a 36 percent working interest. Other interest owners in the well are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent and Dor Gas Exploration with the remaining four percent.
Noble Energy and its various partners are currently preparing to acquire approximately 1,200 square miles of 3D seismic data over several leads on their acreage in the Levantine basin. The seismic program is anticipated to commence in the third quarter.
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