By Sara Toth Stub
Special to DOWJONES NEWSWIRES
JERUSALEM--A group of Israeli energy companies said Sunday that
geological testing has revealed a large reserve of natural gas in
another prospective offshore field.
Israeli companies Delek Drilling Ltd. Partnership (DEDR.L.TV)
and Avner Oil Exploration (AVOGF), which each own a 26.47% stake in
the Karish prospective field, said that a geological survey shows
that the field likely contains about 2 trillion cubic feet of
natural gas with a 50% probability for successful harvesting.
According to the survey by consulting firm Netherland, Sewell
and Associates, the field could contain as much as 3.4 trillion
cubic feet, although the probability of that is lower.
The companies said they don't yet have government permission to
drill for gas in the field, and haven't yet decided whether or not
to drill.
Houston-based Noble Energy Inc. (NBL.NYSE) owns 47.1% of Karish,
located near Israel's largest gas field, Leviathan, which contains
an estimated 16 trillion feet of natural gas. Noble, Delek Drilling
and Avner, all also hold stakes in Leviathan.
A handful of natural gas discoveries in recent years have put
Israel on track for decades of energy independence once production
begins.
At 1314 GMT, shares of Delek Drilling were down 0.08 shekels, or
0.61%, at ILS12.99 ($3.33), and shares of Avner were flat at
ILS2.29, in a lower Tel Aviv market.
Write to Sara Toth Stub at realtimedesklondon@dowjones.com