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Name | Symbol | Market | Type |
---|---|---|---|
Ratio Energies Ltd (PK) | USOTC:RTEXF | OTCMarkets | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.35 | 0.35 | 0.35 | 0.00 | 01:00:00 |
Noble Energy Inc. (NBL) said Monday that it has stopped drilling an appraisal well at its Leviathan discovery off Israel after water was discovered flowing up the wellbore to the sea floor.
As a result, Houston-based Noble will cap the well and move its drilling rig to another spot within the vast deep-water prospect, which is believed to contain about 16 trillion cubic feet of natural gas.
No hydrocarbons were detected in the water as it came up from a flowing layer of sand around the surface casing, the company said.
Still, Noble said it "has concluded that the current location and wellbore are unsuitable for continued drilling operations," and it would move its rig to a new location to resume its assessment of the Leviathan.
The appraisal well was the company's second into the Leviathan. It had yet to reach the layers of natural gas discovered by the company's first well, Noble said.
Noble said in early April that it had suspended drilling at its discovery well, which was probing the prospects' deeper reserves. Noble said it identified wear on the wellbore casing, requiring material and equipment that is not available in Israel before it could resume.
That rig was moved to the nearby Tamar field, another large offshore discovery, believed to hold 9 trillion cubic feet of natural gas, that has Israel poised to become an energy exporter.
Noble plans to return to work at the discovery well once the new appraisal well is completed, and may eventually drill a third appraisal well, said company spokesman David Larson.
The costs related to the most recent abandoned drilling operation are $40 million, $16 million of which is Noble's share, Larson said.
Noble has a 39.66% working interest in the Leviathan discovery. Delek Drilling and Aver Oil Exploration each hold 22.67% interests, and Ratio Oil Exploration (RATI.L.TV, RTEXF) has a 15% stake in the field.
Shares of Noble recently traded 2.17% higher at $40.45.
-By Ryan Dezember, Dow Jones Newswires; 713-547-9208; ryan.dezember@dowjones.com
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