IO Monthly Update - July 2017
Israel Opportunity's Latest Announcements
- Israel Opportunity Publishes a Resources Report and Starts Drillings in Oil Fields in North Dakota, USA
On July 23rd, 2017, Israel Opportunity published a Contingent Resources report for the Partnership's oil assets in North Dakota, USA. The Report by Netherland, Sewell & Associates, Inc. (NSAI) estimates 10,671.3 MBBL of oil (Best Estimate, 2C, for 100%) and 24,544 MMCF of gas (Best Estimate, 2C, for 100%). In accordance with the results of the resources report, the Board of Directors of the General Partner decided to approve the Partnership's participation in two re-entry drillings in existing wells in the project area. According to information received from the project operator, the first drilling has begun and each drill will take about a week long. The "FRACKING" stage is expected to begin in mid-September 2017.
- Leviathan 5 drilling confirms presence of gas
According to publications by Delek Drilling and Ratio Oil Exploration on July 19th, 2017, the Leviathan 5 assessment drilling, located over 10 kilometers from other drillings in the Leviathan reservoir, confirmed the assessment by the Leviathan partners concerning the existence of natural gas at the three main reservoir units (A, B, and C), even in this this remote section of the reservoir. The drilling begun in March and is being completed these days.
- Tamar Gas Field Estimate Increases by 13%
According to publications by Tamar partners on July 2nd, 2017, a revised report by Netherland, Sewell, & Associates (NSAI), which includes the Tamar and southwestern Tamar reservoirs, estimates the proven and expected (P2) reserves in the prospect at 13% more than the previous estimate. The previous estimate published in the companies' 2016 financial statements was 282 BCM in proven and expected gas reserves and 13 million barrels of condensate. The new report raises the estimates to 318 BCM of gas and 14.6 million barrels of condensate.
- Egypt Reviews Exploration Enhancement in Red Sea
According to Egypt Oil & Gas Web Portal on July 16th, 2017, efforts are made by the Egyptian Ministry of Petroleum and Mineral Resources to enhance exploration in the red sea after the recent demarcation of Egyptian-Saudi borders. In the ministerial meeting chaired by Prime Minister Sherif Ismail, he had urged Minister of Petroleum, El Molla, to launch an international tender in order to increase exploration in the Red Sea. In addition, E Molla reviewed the updates of building a new petrochemical factory to be located in Suez Governorate.
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