Myra and Sarah licensees Israel Land Development Company Energy Ltd. (TASE: IE), controlled by Ofer Nimrodi, and Modiin Energy LP (TASE:MDIN.L), controlled by Tzahi Sultan, have not given up on the two licenses, despite the failure to discover natural gas in the Tertiary era target strata. Netherland Sewell & Associates Ltd. (NSAI) has notified the companies that deeper Mesozoic strata may contain oil.
NSAI said, "Our prospective resources estimate for the Myra and Sarah drilling licenses Upper Jurassic prospective oil reservoirs and the Sarah drilling license Lower Cretaceous and Cretaceous Fan gas prospective reservoirs remain unchanged from our February 27, 2012 report. The Myra 1 and Myra ST wells have been drilled through the Miocene, Oligocene/Miocene (Tamar equivalent sands) and the Tortorian zones. The Myra 1 and Myra ST wells have not penetrated the deeper Upper Jurassic prospective interval, as described in our report. The Sarah 1 well has been drilled through the Oligocene/Miocene zone, but has not yet been drilled deep enough to test the remaining prospective intervals.
"The Tamar equivalent sands have a different source than the Cretaceous gas sands and the Upper Jurassic oil sands. The Tamar equivalent sands are thought to have a biogenic source, whereas the deeper prospective intervals are probably thermogenic and sourced from the Senonian or Jurassic age rocks."
NSAI concludes, "Based on the differences in sources and that these prospective intervals have not yet been penetrated, we feel that the prospective volumes for these intervals on the Myra and Sarah drilling licenses remain as stated in our report. Because each of these prospective reservoirs not yet penetrated is independent, there is no change in the geologic risking."
Published by Globes [online], Israel business news - www.globes-online.com - on November 8, 2012
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