Shalom Life | September 02, 2014

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.

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