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Delek Group: operational update regarding Leviathan 5 and Leviathan 7 wells

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Oilfield Technology,

Delek Drilling Partnership has announced that the Leviathan 5 Well is expected to be completed soon, after reaching the final depth planned and verification of the existence of natural gas in three layers of the Leviathan reservoir (Sands A, B and C), according to the preliminary appraisal of the operator of these wells, Noble Energy Mediterranean Ltd. (the operator).

The operator notified the Leviathan partners that since the results of the tender recently received indicate the possibility of contracting with a drilling rig at significantly lower costs than those of the Atwood Advantage rig, it recommends ending the contract with Atwood Advantage in accordance with the terms of agreement with it after completion of the Leviathan 5 Well and continuing the drilling of the lower part of Leviathan 7 Well with an alternative drilling rig.

Accordingly, on July 18, 2017, the Leviathan partners made a decision with regard to ending the contract with Atwood Advantage and promoting a contract with the Drilling Rig, which will drill the lower part of both Leviathan 7 Well and Leviathan 3 Well to their final depth, as from the first quarter of 2018, and then to complete the production drilling in the Leviathan project. Note that the Drilling Rig will be fit, among others, to drill deep targets, if such deep target drilling in the Leviathan leases is approved by the Leviathan partners.

Note that, as of the date of this report, and as the Operator informed the partners, the cost of the Leviathan 5 Well and drilling the upper part of Leviathan 7 Well is expected to amount to US$106 million (100%), out of the total budget for these wells, as approved in the past by the Leviathan partners, of US$148 million (100%).

Stage 1A development in the Leviathan reservoir development plan is progressing according to the time schedules and budged approved by the Leviathan partners, with the aim of allowing natural gas from the Leviathan reservoir to start by the end of 2019.

Partners in the Leviathan reservoir and their percentage holdings are as follows:

  • Noble Energy Mediterranean Ltd. – 39.66%
  • Delek Drilling Limited Partnership – 45.34%
  • Ratio Oil Exploration (1992), Limited Partnership – 15.00%

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