BREAKING NEWS

Leviathan drilling fails to reach target

By GLOBES

MAY 3, 2012 09:37

Noble Energy Inc. reported Thursday interim results of the drilling of the Leviathan deep well at a depth of 21,400 feet (6,522 meters). The energy exploration company said that high well pressure and certain mechanical limitations resulted in the suspension of drilling operations before the primary objective was reached.

Noble added that, "Over the course of deepening the Leviathan 1 well, the company and its partners have obtained valuable geological and engineering data about the basin. At approximately 21,000 feet, the well encountered a zone where natural gas was detected."

Sources close to the drilling told "Globes" that in light of the data uncovered during the drilling, the new resources report that is expected to be published, "see the likelihood of finding oil as higher." However, in light of the drilling difficulties encountered, the belief in the sector is that it will not be possible to renew drilling this year.

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