Shalom Life | February 28, 2015

Strong Prospects For Oil Found in Israel

Gustavson Associates, commissioned to perform quick survey appraisal for Energy, submits results pointing to a 50% prospect for some 270 million barrels in area between Netanya and Ashdod.

By: Mishel Udi

Published: August 10th, 2011 in Business » Israel

Strong Prospects For Oil Found in Israel

The result analysis of a survey conducted in the Gabriella license area between Netanya and Ashdod raises the likelihood of finding oil, Calcalist has learned.

Gustavson Associates, which analyzed the survey results for Adira (which holds 30% of the license), submitted promising results on Tuesday. According to the survey result analysis, there is high probability of 90% (P90) for a 60-million barrel yield from the license area, a medium probability of 50% (P50) for 270 million barrels of oil and a low probability of 10% (P10) for an 800 million-barrel yield.

Calcalist has learned that the company was commissioned to provide a "fast-track" analysis and not an in-depth survey thus the licensees are not compelled to disclose the findings.

However, there is an indication which is considered dramatically encouraging especially for the two partners in the oil production offshore the Mediterranean – Canadian Adira (30%) and Modiin Energy from IDB Group (70%).

Adira commissioned the survey processing in mid May after completing 3D seismic surveying of the Gabriella and Yitzhak offshore license. Gustavson also performed the survey processing for the Med Ashdod partnership license under the control of Chaim Lebovits and Jacky Ben-Zaken.

Yael Risnik Kramer, who served as temporary CEO of Adira until the arrival of Hezi Kugler, said last May: "We believe that there is potential for significant oil production in Israel. Similarly t the gas findings, preliminary findings indicate the basic factors for the existence of oil.

"Gustavson and the company team are focusing now on the definition and proof of gas and oil reserves. In case of success – these finding will be immensely significant to Adira and to Israel."

Adira is traded on the Canadian stock market (ADL), in Frankfurt (OAM.F) and OTC on Wall Street's pink sheet (ADENF.PK).

This article is reprinted with permission from Ynet.

Israeli President Rivlin And Apple CEO Tim Cook Have A Sit Down In Jerusalem [VIDEO] Israeli President Rivlin And Apple CEO Tim Cook Have A Sit Down In Jerusalem [VIDEO] TrendingIsraelis Create First Ever Augmented Reality Goggles for Snowboarders & Skiers Israelis Create First Ever Augmented Reality Goggles for Snowboarders & Skiers TrendingTel Aviv Named One of the World's Most Tech-Friendly Cities Tel Aviv Named One of the World's Most Tech-Friendly Cities Trending
 

Rest in Peace, Mr. Spock. You Will Be Dearly Missed

February 27, 2015 | By Daniel Koren
Rest in Peace, Mr. Spock. You Will Be Dearly Missed

Leonard Nimoy, actor, director, writer, musician, painter, and pop culture icon, dies at 83

Read More

Madonna’s Israeli Hacker Has Been Indicted

February 27, 2015 | By Ashley Baylen
Madonna’s Israeli Hacker Has Been Indicted

Adi Lederman has been officially charged on four counts including computer trespassing.

Read More

'Clueless' Soundtrack to be Released as Yellow and Black Plaid Vinyl

February 27, 2015 | By Ashley Baylen
'Clueless' Soundtrack to be Released as Yellow and Black Plaid Vinyl

The seminal 90's soundtrack is being re-released for the film's 20th anniversary

Read More

Justin Bieber Begs Seth Rogen to Roast Him

February 27, 2015 | By Ashley Baylen
Justin Bieber Begs Seth Rogen to Roast Him

The pop singer reaches out to Rogen via Twitter in hopes he'll appear on his upcoming Comedy Central special.

Read More

Israeli Doctor Resorts to Crowdfunding to Treat Three-Year-Old Girl's Disease

February 27, 2015 | By NoCamels Team
Israeli Doctor Resorts to Crowdfunding to Treat Three-Year-Old Girl's Disease

Due to high expenses, Dr. Shomron sought to raise necessary funds for his patient from individual donors over the Internet

Read More

Madonna: Europe Feels like "Nazi Germany"

February 27, 2015 | By Daniel Koren
Madonna: Europe Feels like "Nazi Germany"

"anti-Semitism is at an all time high" says the acclaimed singer/songwriter

Read More

Israeli Teen Wins First Round of European Chess Championship

February 27, 2015 | By Roi Yanovsky
Israeli Teen Wins First Round of European Chess Championship

17-year-old Itay Westreich beats current Israeli champion Victor Mikhalevski in first round of championship in Jerusalem

Read More

Organizers Halt Tel Aviv Marathon Due to Heat

February 27, 2015 | By Shahar Hay
Organizers Halt Tel Aviv Marathon Due to Heat

Two men participating in annual run lose consciousness due to heat stroke, both under sedation and ventilated; 75 others treated on scene; major streets closed off in Tel Aviv

Read More

More Headlines