IO Monthly Update - November 2017
Israel Opportunity's Latest Announcements
- Israel Opportunity publishes North Dakota project update*
On November 28th, 2017, Israel Opportunity released its Q3 financial statements for 2017, including an update regarding the status of operations in the North Dakota project as of the report date, as provided to the partnership by the project operator. According to the report, the first two re-entries to the exciting wells in the project area, "Paradox 11-30" and "Paradox 34-31" and the Fracking stage were completed successfully. Production of oil has begun from both wells and is expected to stabilize within several months. From the commencement of the production stage and up to the publication of the report, approximately 10,000 barrels of oil were produced from the wells (for 100%).
- Israel Opportunity granted with "Ishai" Lease
On November 16th, 2017, the Petroleum Commissioner at the Ministry of National Infrastructures, Energy and Water Resources, informed the Partnership and the other partners in "Ishai" license of the granting of I/20 "Ishai" lease. The lease period is 30 years, from November 19th, 2015 to November 18th, 2045. The lease covers an area of 5.82 sq. Km and is part of the "Aphrodite" gas field, which is mostly located in the economic waters of Cyprus. The partners are subject to future agreements between the countries.
- Genie Energy Suspends Exploratory Oil and Gas Drilling Program in the Golan Heights
Afek, the subsidiary of Genie Energy Ltd. conducting an oil and gas exploratory program in Northern Israel, announced on November 16th, 2017 that preliminary analysis of results from its completed Ness 10 exploratory well in the Golan suggests that the well's target zone does not contain commercially producible quantities of oil or natural gas. Afek continues to analyze the data from Ness 10 in the context of the results of its prior drilling and other activities, and has suspended oil and gas drilling operations in the interim.
- Egypt to stop importing gas in 2018
Egypt will stop importing liquid natural gas (LNG) during 2018 and begin exporting gas, following the commencement of production from the giant Zohr gas field discovered off the Egyptian coast, according to Bloomberg news agency on November 14th, 2017. Zohr’s output will mostly supply the domestic market, and the nation’s two existing gas-liquefaction facilities are large enough to process any available surplus into LNG for international sale in 2019. If Zohr and other gas fields generate enough supplies, Egypt may consider adding a third LNG-exporting terminal.
*It is hereby clarified that nothing in this announcement to ensure the stabilization of the production from the Wells, the quantities of oil that can be produced in the future from the Wells, the length of time the Wells will produce oil and the production rate, in case the oil will be produced and the profitability of the Wells. In addition, the information detailed above regarding operations and timetables for carrying out the various operations constitutes forward-looking information that is not certain and is based on estimates and assumptions received from the project operator. These actions and timetables are professional estimates and assumptions for which there is no certainty and which may be updated as the stage of production progresses and / or as a result of a range of factors related to exploration and production of oil and natural gas, including as a result of operational conditions and / or market conditions And / or regulatory conditions.
The materials and information included in this newsletter are provided as a service to you by Israel Opportunity Oil & Gas Exploration Ltd. ("the Company") and the Company or any of its subsidiaries are not responsible for the accuracy and completeness of information provided herein. The information provided herein is not advice of any kind, and should not be treated as such. The Company will not be liable to you in respect of any special, indirect or consequential loss or damage with respect to relying on the information herein. If you wish to be omitted from the distribution list please send an email to firstname.lastname@example.org