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Delek, Avner Gain as Condensate Found at Karish: Tel Aviv Mover

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July 14 (Bloomberg) -- Avner Oil Exploration LLP and Delek Drilling-LP, partners in the Karish prospect offshore Israel, gained after the companies said the site is estimated to hold “significant amounts” of condensate along with natural gas.

Avner gained 1.7 percent, the most since May 1, to 2.604 shekels at the close in Tel Aviv. Delek Drilling advanced 1.7 percent, the most since May 13, to 14.95 shekels. Delek Group Ltd., which has stakes in Delek Drilling and Avner added 2.6 percent today, bringing its 12-month gain to 76 percent and giving it the best return of all shares traded on the benchmark TA-25 index for the period. The TA-Oil & Gas index advanced 1.8 percent, as shares of all explorers were buoyed by the news.

Delek Drilling and Avner, also partners in the Leviathan and Tamar natural gas fields, said today that a report from consultants Netherland Sewell and Associates Inc. shows the Karish prospect, part of the Alon C license to the northeast of Tamar, holds about 13 million barrels of condensate.

“Previous estimates for Karish did not account for quantities of condensate,” Noam Pincu, an analyst at Psagot Investment House Ltd. in Tel Aviv said today by phone. “This is a nice upside for the partners in the field, especially since the price of condensate is similar to that of Brent crude oil.”

The price of Brent crude rose 1 percent to $108.81 a barrel on July 12. Delek Drilling and Avner shares have advanced 40 percent and 36 percent, respectively, in the past 12 months as Israel on March 30 started production of natural gas from Tamar, estimated to hold 10 trillion cubic feet of natural gas.

The find brings the total amount of condensate at the three sites to about 60 million barrels, according to an e-mailed statement from the companies. The report reaffirms Noble Energy Inc. estimates of 1.8 trillion cubic feet of gross mean natural gas at the Karish site, Delek Drilling and Avner also said.

The two companies each hold a 26.5 percent stake in Karish and Noble a 47 percent interest, according to the statement.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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