Noble, Israeli Energy Cos Find Additional $360 Million Of Natural Gas
March 04 2010 - 3:25AM
Dow Jones News
A consortium of energy companies including Noble Energy (NBL)
said Thursday they have discovered more natural gas at their Mary B
drilling site off the coast of Ashkelon in southern Israel.
The Yam Tethys consortium, composed of Delek Drilling Ltd.
Partnership (DEDR.L.TV), Avner Oil Exploration (AVNR.L.TV), Noble
Energy, and a few other small companies, said about 1.9 billion
cubic meters of gas was found in the site, worth an estimated $360
million.
Prior to this discovery, the consortium had not expected to find
further natural gas at this site.
Yam Tethys also operates the Tamar natural gas fields under the
Mediterranean Sea off Israel's northern coast.
Yam Tethys recently signed a long-term deal worth at least $11
billion to supply natural gas from the Tamar fields to the Israel
Electric Company.
At 0830 GMT, shares of Delek Drilling were up 0.24 shekels, or
2.47%, at ILS9.71 ($2.62), and shares of Avner Oil were up ILS0.03,
or 1.95%, at ILS1.67, in a lower Tel Aviv market.
-By Sara Toth Stub, Contributing to Dow Jones Newswires,
saratoth@gmail.com
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