Gulliver 3D seismic survey begins

The survey of the offshore license carried out by Aris Geophysical will cost $7 million.

The partners in the Gulliver shallow water offshore license today announced that the 3D seismic survey began this week. The survey by ocean bottom cable will take two and a half months and cost $7 million.

Gulliver Energy Ltd. (TASE: GLVR) owns 41.5% of the Gulliver license, Zerah Oil And Gas Explorations LP (TASE: ZRAH) owns 51.5%, Ashtrom Properties Ltd. (TASE:ASPR) owns 12%, and Norway's AGR Petroleum Services Holding AS, the well operator, owns 5%.

Aris Geophysical Ltd. is carrying out the 3D seismic survey. It previously carried out the 3D seismic survey on the Shmuel license owned by Canada's Adira Energy Corporation (TSXV: ADL; Bulletin Board: ADENF; XETRA: AORLB8).

The 3D seismic survey will cover a 51 square kilometer area, where earlier surveys indicated a natural gas target. Aris will also carry out a 2D seismic survey for an oil target, along a ten-kilometer stretch from offshore on to the coast at Gaash, north of Tel Aviv. This survey will cost $130,000.

Published by Globes [online], Israel business news - www.globes-online.com - on September 20, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018