Delek and its subsidiaries, Delek Drilling and Avner, announced a decision to drill into a new lease area in the Southwest Tamar prospect off the Israeli coast.
The company said Wednesday a reserve estimate issued from a third party, Netherland Sewell and Associates Inc., put the reserve estimate at the site at 684 billion cubic fee of gas.
Delek said in last month's report on production and financial performance the second quarter was the first time it started generating revenue from the Tamar natural gas field.
It said it started production at Tamar in March. The field is located in the deep waters of the Mediterranean Sea.
The company said it is developing a balanced approach to the Tamar and nearby Leviathan gas fields, which have a combined natural gas resource base of some 33 trillion cubic feet. Delek said the combined fields, mostly in Israeli territory, are the largest natural gas finds made since 2000.
Delek said drilling in Southwest Tamar should begin in approximately two weeks.
Notable deaths of 2014 [PHOTOS]