Energy firm says old Dead Sea well could hold $322 mln of oil
01/05/2016 09:21
JERUSALEM, May 1 (Reuters) - An Israeli energy company
looking to revive an old oil well near the Dead Sea said on
Sunday a new resources report showed the field could hold
reserves worth 1.2 billion shekels ($322 million).
Israel Opportunity ISOP.TA said the report prepared by
Edinburgh-based Dunmore Consulting on the Hatrurim license,
which covers 94 square kilometers, gives a best estimate of the
field containing 7 million barrels of oil, while the high
estimate is 11 million barrels.
Partners in the Hatrurim project include Zerah Oil and Gas
ZRAHp.TA , Gulliver Energy GLVR.TA , Ashtrom Group ASHG.TA
and Cyprus Opportunity OGAS.CY .
A previous group had drilled at the same spot and discovered
oil in 1995, but determined the field was not worth developing
due to low oil prices.
Israel Opportunity said it plans to push ahead quickly with
development, using more advanced technologies and taking
advantage of dropping service costs. It said the drilling budget
was $5 million.
($1 = 3.7320 shekels)
(Reporting by Ari Rabinovitch)
((ari.rabinovitch@thomsonreuters.com; +972-2-632-2202; Reuters
Messaging: ari.rabinovitch@thomsonreuters.com@reuters.net))
Keywords: IL OPP ENERGY OIL/DEADSEA