Shalom Life | July 31, 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.

EXCLUSIVE: JSwipe Founder Opens Up About JDate Lawsuit EXCLUSIVE: JSwipe Founder Opens Up About JDate Lawsuit TrendingThe Canadian Army is Acquiring Israel's Iron Dome Technology The Canadian Army is Acquiring Israel's Iron Dome Technology TrendingTel Aviv Professor Says Newly Discovered Earth-Like Planet is too Far Away to Understand Tel Aviv Professor Says Newly Discovered Earth-Like Planet is too Far Away to Understand Trending
 

WATCH: Jon Stewart Addresses Uproar over his "Secret" Meeting with President Obama

July 30, 2015 | By Daina Goldfinger
WATCH: Jon Stewart Addresses Uproar over his "Secret" Meeting with President Obama

"Something is not a secret just because you don't know about it"

Read More

Canadian Couple: Killing Young Jews Will Save Them from Hell

July 30, 2015 | By B. Shane Morganstein
Canadian Couple: Killing Young Jews Will Save Them from Hell

The couple, convicted of trying to bomb the British Columbia Legislature, hoped to save Jews from growing up and going to "eternal hell"

Read More

WATCH: Viral Video of Israeli Father Shaving his Beard for First Time in 14 Years

July 30, 2015 | By B. Shane Morganstein
WATCH: Viral Video of Israeli Father Shaving his Beard for First Time in 14 Years

People are going crazy for this family's reaction to a man named Mooki shaving his beard

Read More

EXCLUSIVE: JSwipe Founder Opens Up About JDate Lawsuit

July 30, 2015 | By B. Shane Morganstein & Daniel Koren
EXCLUSIVE: JSwipe Founder Opens Up About JDate Lawsuit

"We believe their claims lack merit and we intend to defend our rights vigorously," says David Yarus

Read More

University of Toronto Students Fight Back Against BDS

July 30, 2015 | By Adir Krafman
University of Toronto Students Fight Back Against BDS

U of T Students' Union Board of Directors overwhelmingly rejects creation of BDS committee

Read More

Shaw Festival Review: The Twelve-Pound Look

July 29, 2015 | By Hermine Steinberg
Shaw Festival Review: The Twelve-Pound Look

J.M Barrie's 'The Twelve-Pound Look' is a witty and poignant portrayal of marriage during the Edwardian Era.

Read More

Israeli Archaeologists Discover Remnants of Great Historical Synagogue

July 29, 2015 | By B. Shane Morganstein
Israeli Archaeologists Discover Remnants of Great Historical Synagogue

Using new technology, Israeli archaeologists have unearthed what may be the Great Synagogue of Vilna

Read More

WATCH: Trailer for New Seth Rogen Christmas Movie

July 29, 2015 | By B. Shane Morganstein
WATCH: Trailer for New Seth Rogen Christmas Movie

'The Night Before' "was made by Jews and opens on Thanksgiving"

Read More

More Headlines