Noble Affiliates to raise stake in Israel exploration agreement
Noble Affiliates Inc. subsidiary Samedan Oil Corp. will raise its stake to 47%, from 40%, in an exploration agreement covering more than 1 million acres off the coast of Israel. Noble will purchase half of the 15% interest held by RB Mediterranean Ltd., a wholly owned subsidiary of R&B Falcon Corp., for $53.6 million.
Samedan Oil Corp., a wholly owned indirect subsidiary of Noble Affiliates Inc., Ardmore, Okla., plans to increase to 47%, from 40%, its share in an exploration agreement covering 11 permit areas encompassing 1,062,675 acres off Israel.
Noble will purchase half of the 15% interest held by RB Mediterranean Ltd., a wholly owned subsidiary of R&B Falcon Corp. for $53.6 million. The remainder of R&B Mediterranean's interest is expected to be purchased by the two other working interest partners in the agreement, Delek Drilling LP and Avner Oil Exploration LP. Upon completion of the transaction, Delek and Avner will hold respective working interests of 27.8% and 25.2% if they retain their pro-rata share under the agreement.
Noble, the operator, previously announced four wells in the area that it said confirmed recoverable reserves of more than 1.3 tcf of gas (OGJ Online, May 22, 2000). The company expects to receive a rig in December to continue exploration drilling.