Oil discovered 24 km from Tel Aviv coastline

March 13, 2012 20:49


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Modiin Energy and Adira Energy Corporation announced Wednesday an oil and natural gas discovery at their offshore Gabriella and Yitzhak Licenses, which are 24 km northwest of Tel Aviv.

Modiin controlling shareholder Tzahi Sultan and IDB Holding Corp. Ltd. CEO Haim Gavrieli made the announcement at IDB's headquarters in Tel Aviv.

According to Adira, Gabriella and Yitzhak have a best estimate of 232.2 million barrels of oil, including 110.1 million barrels of contingent oil. Together, the Gabriella and Yitzhak licenses have a best estimate of 1.8 trillion cubic feet of natural gas.

The discoveries were made in Jurassic strata, located in shallow water 24 kilometers northwest of Tel Aviv. The estimates are based on a 3D seismic survey by Netherland Sewell & Associates Ltd. (NSAI).

In its notice to the TASE, Modiin said the best estimate for Gabriella is 128.4 million barrels of oil.

Read the full story here

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