New Discovery: Approx. 1.8 TCF of natural gas found in 'Karish' license
Noble Energy, which holds 47% of the rights in the "Karish" drill, reported that according to its estimates, "Karish" has 1.8 TCF of natural gas, valued at $1.5-2 billion, in the reservoir. The drilling in 'Karish' started in March 2013 at a cost of approx. $90 million and had reached its final depth of 4,790 meters.
The partners of 'Sara' and 'Mira' Licenses receive extension of validity
On May 27th the partners of 'Sara' and 'Mira' offshore licenses received an extension of validity of both licenses until July 13 2014. Consequently, the performance of the work program has been postponed and the new spud date is set to July 1st 2014
"Yam-3" drill resumed
'Shemen Oil' raises NIS 49 million
The Partnership intended to raise approx. NIS 43 million during the issuing, enjoyed excessive demands of NIS 51 million,
eventually raising NIS 49 million during issuing, according to minimum price. The issuing was to ensure the company needs
in the execution of 'Yam-3' drill located 16 km offshore Ashdod.
'Shemen Oil' will sell additional 5% of 'Yam 3' to Caspian Drilling Company
'Shemen Oil' announced that it signed an agreement with Caspian Drilling Company (CDC), the license operator, which
already holds 5% of the rights in 'Shemen' license,for the purchase of an additional 5% of the rights for $6 million –