11 October 12 16:31–In a presentation to investors today, Noble Energy Inc. (NYSE: NBL) has raised the geological probability of success of oil in the upper target strata at Leviathan to 25%.
The 3D seismic survey of the Leviathan structure indicated that the second target strata (the first strata that may contain oil), at a depth of 5,800 meters, may have three billion barrels of oil with a 17% chance of geological success. The second oil-bearing target strata, at a depth of 7,200 meters have an 8% chance of geological success. Leviathan has 17 trillion cubic feet of natural gas in strata overlying the oil-bearing strata.
Noble Energy said that the Mesozoic strata throughout the Levant Basin are a new oil play, which will be initially tested beneath the Leviathan gas field. The company plans to spud in late 2013, and has contracted for a new drill ship, the Atwood Advantage, which is under construction…Read More>>