Drilling Halted In Israel's Leviathan Well On Technical Issues

The Israeli partners in the offshore Leviathan natural gas field Monday said drilling in one of its wells has been halted due to technical problems.

The operators were trying to fix the problems Monday, and said it is too early to tell if the current issues will affect the timetable or success of the well, according to Avner Oil and Gas Ltd. Partnership (AVNR.L.TV), one of the partners in the project.

This is the third time drilling has been halted due to technical problems in recent months.

Texas-based Noble Energy Inc. (NBL) operates the Leviathan field along with Israeli companies Avner, Delek Drilling Ltd. Partnership (DEDR.L.TV) and Ratio Oil Exploration Ltd. Partnership (RATIL.TV).

The Leviathan natural gas field is estimated to contain up to 16 trillion cubic feet of natural gas and is expected to begin production in 2017.

At 0955 GMT, shares of Avner were down 0.027 shekels, or 1.46%, at ILS1.81 ($0.50); shares of Delek Drilling were down ILS0.19, or 1.83%, at ILS10.20; and Ratio shares were down ILS0.013, or 3.89%, at ILS0.346, in a lower Tel Aviv market.

-By Sara Toth Stub, Contributing to Dow Jones Newswires, [e-mail]