Licensees confirm 6.5 TCF gas at Myra and Sarah
There is also an 18% chance that the two fields, northwest of Netanya, contain more than 150 million barrels of oil.
At today's press conference, Israel Land Development Company Energy Ltd. (TASE: IE) CEO Ohad Marani said, "Today is a celebration. We are going to be the next big thing in Israel."
According to the Petroleum Supervisor, ILDC Energy (through Emanuelle Energy Ltd.) owns 48.2% of the Myra and Sarah licenses, Modiin Energy LP (TASE:MDIN.L), controlled by Nochi Dankner's IDB Holding Corp. Ltd. (TASE:IDBH) and Tzahi Sultan, owns 24.38%, Canada's GeoGlobal Resources Inc. (AMEX: GGR) owns 5% through its Indian unit, Israel Petroleum Company Inc. (IPC) owns 13.6%, and Blue Water Oil and Gas Exploration Ltd., owned by Prentis Tomlinson owns 8.78%.
NSAI estimates the gross mean resources at Myra at 4.5 trillion cubic feet with a 58% probability of geological success and 1.9 trillion cubic feet at Sarah with a 43% probability of geological success. The average probability of geological success for both licenses is 54%, compared with 35% for Tamar.
NSAI also estimates that Myra and Sarah could have 150.7 million barrels of oil, with an 18% probability of geological success. Myra has gross mean resources of 113.4 million barrels of oil with an 18% probability of geological success, and Sarah has 37.3 million barrels of oil with a 23% probability of geological success.
Marani said, "The depths of the gas target strata are the Tamar sands, and the oil target strata begin at a depth of 4,000 meters."
IPC is due to merge with stock market shell Shaldieli Ltd. (TASE: SHDL-M) and Premium (PIH) Holdings Ltd. (TASE: PIH), controlled by Yuli Ofer and Nimrod Rinot, is waiting for the Petroleum Supervisor's approval to acquire a stake from IPC
ILDC Energy's share price rose 10% to NIS 2.03, giving a market cap of NIS 1.55 billion, and Modiin Energy's share price rose 1.6% to NIS 0.063, giving a market cap of NIS 975 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 30, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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