Nobel Energy Abandons Israel Gas Well

Nobel Energy has abandoned the Pinnacles 1 natural gas well offshore Israel due to significant increase in the water flow rate in the production of natural gas.

Abandonment operations are planned to be performed during 2014, after obtaining the necessary permits and obtaining material and equipment required for that, Nobel’s local partner Delek Drilling said in a statement Sunday.

Delek said that its gas subsidiaries are working on completing updated estimates of the Yam Tethys reserves and resources and will publish complement immediate report upon receipt.

Noble Energy owns 47 percent of Pinnacles, Delek Drilling has a 25.5 percent share and Avner Oil Exploration holds 23 percent. Delek and Avner's parent, Delek Group, holds 4.44 percent.