As a pup I could spot an undervalued Exploration&Production company with one whisk of my slide rule.
I also tended to find myself holding the acquiree in a buyout whereas these days it is uncanny how often I've been recommending the purchaser.
This is a big deal. From Bloomberg via the Houston Chronicle:
Leviathan is a monster: Noble says Israel discovery is largest in its history
Noble Energy Inc. said drilling test results in its Leviathan field off Israel’s coast confirm a “significant” find of at least 16 trillion cubic feet of natural gas.Avner might be worth a look, it may have just become an income play.
Leviathan is “easily the largest exploration discovery in our history,” said Charles Davidson, chief executive officer of the Houston-based explorer with a controlling interest in the field, in an e-mailed statement today. The other principle Leviathan partners are Israeli companies Delek Drilling LP, Avner Oil & Gas Ltd., Ratio Oil Exploration 1992 LP.
Leviathan is almost double the size of the Tamar field off Israel’s Mediterranean coast discovered in 2009 by Noble and its partners. “The Leviathan discovery has further confirmed our geologic models and interpretation of this basin, and validates that it contains significant natural gas resources,” the statement said.
The Leviathan field is estimated to cover about 125 square miles (325 square kilometers), and will require two or more appraisal wells to better estimate its total gas reserves, Noble said....MORE