“Israel Opportunity” Continues to Expand its Portfolio:
Submits Application for Hatrorim Land License in the Dead Sea Area, in an area where oil was previously discovered.
CEO of Israel Opportunity Eyal Shuker: this is an area that has been proven in the past to contain oil and for which extensive geological information of the area already exists# Among the partners in the application: Zerach, Ginko, Ashtrom and the founder of the Avner PartnershipGas and oil exploration partnership Israel Opportunity is continuing to expand its license portfolio. The Partnership submitted today an application with the Oil and Gas Commissioner to obtain 25% of the Hatrorim License in the Dead Sea Area. The application was submitted in conjunction with Zerach (31.25%), Ginko (31.25%), the Ashtrom Group (10%) and Dr. Eliyahu Rosenberg, founder of the Avner Partnership that holds 2.5% of the license.
The Hatrorim license covers an area of 70 square kilometers in the Dead Sea area. In 1995, the Delek Group conducted a drill in the license area to a depth of 2km and found oil. It should be noted that this was the last drilling that was carried out by the Delek Group and Avner on land, prior to the offshore gas discoveries. At that time, the decision was made to not produce oil from the reservoir due to feasibility, due to low oil prices at that time. The Partnership now intends to re-enter the Halamish drilling and conduct a diagonal drilling to the projected center of the reservoir. The drilling plan, which will be initiated by Dr. Eli Rosenberg, founder of the Avner Partnership, is based on the results of the seismic survey obtained from the drill hole in the past, and the new drilling will be carried out using state-of-the-art technology.
The Hatrotrim license joins other licenses held by Israel Opportunity, including 10% of the Oz license, which covers a large area of 400,000 dunams, located 50km off the Tel-Aviv shores, 10% of the Pelagic exploratory license, which covers a total area of 2 million dunam and located 170km west of Haifa (borders the Ratio-Yam licenses, which includes the Leviathan in the East and West in Block 12 in Cyprus, which contains the Aphrodite structure), for which an application was submitted for a change in borders and extension of the license validity base don the new borders, and 10% of two other offshore licenses, Roee and Neta, in the offshore permit area Gal that covers a total area of 800,000 dunam and 150 km west of Israel’s shores.
CEO of Israel Opportunity Eyal Shuker: The financial soundness of the Partnership allows us to continue to explore opportunities from in order to expand and diversify the assets portfolio, while spreading risks. The entry into the Hatrorim license constitutes an opportunity to act and develop a new license in an area that has proven in the past to contain oil and for which extensive geological information already exists.