No gas at Myra 1 well

Well operator GeoGlobal Resources reaches final target strata at a depth of 5,200 meters and no significant signs of gas found.

By RON STEINBLATT / GLOBES
September 9, 2012 08:36
2 minute read.
Drillling for gas offshore

Offshore Gas Drilling 311. (photo credit: Courtesy)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

The Myra 1 well's Israeli partners - Israel Land Development Company Energy Ltd. (TASE: IE), Modiin Energy LP (TASE:MDIN.L), and IPC Oil and Gas Holdings Ltd. (IPC) (TASE: IPC) - have notified the TASE that no substantial signs of petroleum have been found. They said that well operator GeoGlobal Resources (India) Ltd. reached the final target strata at a depth of 5,200 meters and that logging while drilling tests during the drilling found that the high-quality sands at the Miocene-era strata were saturated with water.

The companies added that, at this stage, no drilling to oil-bearing strata has been carried out. At GGR's advice, the companies decided to conduct wire line logging, at a cost of $1.7 million, next week. Immediately after completing the logging, the rig will move to the site of the Sarah 1 well and begin drilling.

Be the first to know - Join our Facebook page.


The companies do not attach great hopes to these logs, but insist that the final word on the matter has not yet been written. The notice stated, "The purpose of the logging is to provide a final answer whether hydrocarbons are present (in view of the fact that no substantial signs of petroleum were found and the probability is low), and will provide important geologic information, which will help the licensees analyze the geologic information at the Sarah license and other wells."

ILDC Energy, controlled by Ofer Nimrodi, owns 41.6% of the Myra and Sarah licenses, its parent company, Israel Land Development Company (TASE: ILDC) owns 5%, Modiin Energy, controlled by Tzahi Sultan and Nochi Dankner, owns 29.2%, IDB Development Corp. Ltd. owns 5%, IPC owns 13.6%, and Canada's GeoGlobal Resources Inc. (AMEX: GGR) owns 5%.

GeoGlobal CEO Paul B. Miller said, "We sidetracked this well in response to a previous loss of circulation event. Although no significant hydrocarbons were detected, the sidetracking was successful in drilling through the major geological markers in the basin. This information is critical to further refining our geological model for the block and the basin as a whole. We believe there are other potential gas targets at Myra, as well as the Myra High potential oil target that we have yet to evaluate. The company will use the information it has gained through the sidetrack to further evaluate the potential in Myra and to refine the existing geological model for the Sara-1 location. The company is looking forward to continuing its exploration program in Israel."

On the TASE, Israel Land Development Company Energy Ltd. and Modiin Energy LP fell 50% and 24.5%, respectively. Their small-cap partner IPC Oil and Gas Holdings Ltd. fell 40%.

Related Content

Holland Park’s forest, north of Eilat.
August 11, 2014
Promising trend of prosecution for environmental crimes, officials say

By SHARON UDASIN