Letter from Israel

My Friend Steve Grable is on his third week touring the Land of Israel. He visited with the folks at Zion Oil & Gas and toured the Zion offices in Caesarea and the well site. I thought I’d share yesterday’s letter with you – it’s a good one.

Third Week’s Summary of being in the Land of Israel

Greetings Dear Saints,

Monday we departed for our journey north along highway 4 which extends from Tel Aviv up the coast with occasional glimpses of the Mediterranean.

Our game plan was to visit with Jody and Alyosha (which some of you know) in  Zichron Ya’akov which is close to Caesarea. Although they had made Aliyah a few years ago, they physically moved to the Land last December.

We were hoping to arrive at their place by 10AM however the Lord had different plans for us. Our GPS whom we affectionately refer to as Shalom (male voice) seems to move to the beat of a different drummer and wanted to take us in a different direction. We actually traveled beyond our intended turn off and being of the male persuasion, only with great reluctance did I stop to get directions. Ladies please do not be concerned; this is simply a male gene deficiency!

We drove in to a small town and spoke with two helpful Jewish gentlemen. Then like so many others have asked us “the two questions”, “where are you from and why are you here?’. It is not that they do not want us here; but rather they do not understand why Christians who live in America with so few security issues would actually pay to come and visit a Land that is going through such turmoil. Every time we are asked these two questions, we respond with the same heart, “We are here because we love the Jewish people and we love Israel. Each time, we see amazement in their faces. We then go on to let know that many Christians are praying for their safety and their prosperity. Yet there is more, we continually pray that the scales will fall from the Jewish eyes and each will have a personal encounter with Messiah Yeshua, Jesus.

After turning around and beginning our backtrack, it was required of us to go through an Israeli check point. We must remember that an Arab had just killed one man in Tel Aviv and injured 19 others when he drove his large truck through Jewish civilians who were simply doing their shopping. Such are the daily tragedies the Jewish people must endure all the while the world refuses to see this injustice.

We were asked by a very nice Jewish lady named Mahog to exit our car, open the hood, all doors and the trunk and remove all bags in which we complied. They were very thorough when doing their search and who can blame them? Just one distraught terrorist can bring such destruction. We were then instructed to empty pockets, and walk through metal detectors while our luggage was being examined.  At all times we were shown kindness and courtesy however they have a very important job and were quite serious in addressing the task at hand. I believe the Lord allowed us to see firsthand not only the process but also the tremendous waste of talented people in dealing with terrorism. Important to say that the Arab peoples are not singled out exclusively but Jewish people as well go through the same procedure. Suffice it to say, terrorism adversely affects the lives of everyone in the Land to a greater degree than any other country on the face of the earth.

After leaving the inspection, we gave a quick call to Jody and Alyosha knowing they had commitments in Jerusalem and had to leave. So after speaking with them it was decided to meet the following day. What was originally a disappointment at the time became a blessing in disguise. We then turned aside and investigated the beautiful town of Netanya.

Netanya translates to “gift of God”. We drove and the Holy Spirit who has continuously led us had not departed. We parked the car wanting to walk down to the Mediterranean shore. We could not have imagined the beauty we were about to partake. There is a cobblestone walkway that follows along the shore for some distance and we had managed to find this winding walkway within the waters edge.

We made our way towards a pavilion only to find a restaurant atop a one-hundred foot high cleft overlooking the Mediterranean Sea. We were seated right on the overhanging portion of the dining room and had a delightful lunch. Just a mental note for those of you who think you may visit the Land. When you see different types of “toast” being offered on the menu, do not snub your nose. The toast they are referring is more like pitta bread which has been grilled and toasted, and then assaulted with an array of tasty veggies, humus, chicken, tuna or salmon, onions and other unknown goodies. I tell you a mystery, toast never tasted so good!

After lunch, we mounted our trusty stead ‘(Kia Rio) and headed for Haifa, the port city. This will be the place Zion Oil and Gas will move their oil to awaiting tankers for export to satisfy the thirsty nations.

I would like to take a moment to please advise any who read this report. Please consider purchasing Zion Oil shares represented as ZN or the Warrants as the symbol ZNWAZ. Either of these can be purchased through your Scottrade or personal broker on the NASDAQ.

From seeking the Lord in this with so many other Believers, I have absolute faith that God is about to present a “game changer” when Israel strikes oil. There will be a geopolitical shift that will shake the US, Europe and the Middle East. Israel will become independent and will begin to refuse the constant demands of the nations.  I will share more later on Zion Oil, but to those of you who love Israel and wish to both bless Israel and be blessed, become a part of Zion Oil and Gas as quickly as possible, believe this “find” will happen relatively soon.

After our visit to Haifa, we then went back south to the place Elijah the prophet was awaiting us, Mt Carmel. Remember the story? Mt Carmel is the spiritual equivalent of the OK Corral. There was a showdown of the righteous and the unrighteous. The prophet of God, Elijah and the false prophets of Ba’al and Ashe’rah. Both were expecting to display which god is God!  What an incredibly awesome place, sheer clefts that arose before us with winding roads reaching for the top of the mountain.

It was time for our excursion to end for the day and time to find a hotel in Caesarea.

Must share, Caesarea is spelled three ways. When spelled with a C, this is for us Gentiles. When it is spelled with a Q it is Jewish, when spelled with a K then is Arabic. If you are driving and using a GPS, you will discover that the map or someone’s address may be spelled one way and there may be a discrepancy of a letter or two. Yet, even if you are temporarily lost, every street and road is an adventure in the Land of God.

It was our intention to stay the night in Caesarea in order to be close to the Zion Oil offices for the next morning’s appointment. We found a beautiful hotel, the Caesarea Dan, an older but extremely well kept and nearly of luxurious status. Though the day had taken some twists and turns, all things worked for the good!

That evening in the Caesarea Dan hotel, John, Marie and I were in the restaurant and I observed a man two tables away and just knew he was associated with Zion Oil. So I summoned up the courage and walked over to his table and introduced myself and asked if he was involved with Zion to which he replied, “Yes, I am Bill Ottaviani.

Bill is the president and chief operating officer. During our conversation, mentioned we were scheduled to meet Stephen Pierce the next morning for a tour of the offices and then out to the well site. Bill was aware of our visit and all was prepared.

Prior to leaving on our Israeli expedition, I had exchanged emails with Ora the office manager of Zion Oil hdqts in Caesarea, she then passed to Stephen Pierce, Zion’s Oil exploration manager. Steve was terrific. He sat me in the seat next to him in front of his PC and began to bring up several plots showing geographical data along with proposed new licenses that Zion Oil would be seeking. We really got excited! We were given a tour of the offices and meet two gentlemen from the Zion Oil team. Aaron Kahn who is a geologist and whose family lives in Florida and Victor Carrillo who is the executive Vice President and resides in Texas. I cannot say enough good things about all of these men. Many times when you find someone who has excelled in their field, it has been my experience that egos tend to get in the way. Not these men, they are simple down to earth goal oriented and a group who have the ability to work well together. What is so beautiful about Zion Oil, there are Jews, Christians and Muslims all working in unity toward a common goal. I am reminded of story of the tower of Babel. There was a very good reason why the Lord changed their languages.

God made a very profound statement. He said when men are in unity, they can accomplish anything. The reason… because we are made in His image!

The secondary objective of our trip was to visit and pray for the successful discovery of hydrocarbons in the Land of Israel. We are believing that Zion Oil is about to bring forth the treasures buried within the sand. Over the years I have done my best to promote Zion Oil to all believers for two reasons. The first was to bless Israel and the other was to bring favor and blessing back to the believers.

Our visit with Zion Oil staff and the actual drill site was in every way a blessing to us and the words the Holy Spirit had us to speak to several of the staff was also an encouragement to them. We were all given hard hats, yes even Miss Marie, (wait till you see the photos) and we were shown every courtesy and our every question was answered.

Finally, John, Marie and I asked if we could pray for the Zion Oil drill site and of course were given the permission. The three of us along with a sweet brother in the Lord, Victor the Exec President and Aaron the geologist who had a wonderful spirit joined us in taking in our hands the “gates” of the Zion Oil drill site and prayed. Our parting statement to them was that many Christians were praying and holding Zion Oil up before the Lord. Our visit had concluded but a transference of encouragement had taken place with these men from Zion that bonded all of us together to a common goal.

After leaving the Zion Oil well site, we drove to Jody and Alyoshas’ place and fellowshipped with them before beginning our assent up to the Golan Heights. However we were not able to cover much of the Golan as it was getting late. We then turned south to Tiberius. Tiberius is that city mid-way up on the western side of the Kinneret that is to say, the Sea of Galilee. It is here the Lord Jesus calmed the waters and Simon Peter walked on the water. The Spirit of the Lord has been calming the raging winds and seas in each of our lives and many years we are not even aware of His steadfast protection over us.

John, Marie and I stayed in the Leonardo hotel, an older hotel however from our windows we could see the Sea of Galilee. It was our hope to take a sail on the Kinneret however the Golan was still calling.

So we again began our assault the Golan…….however we stopped at the Mount of Beatitudes. There were several tour busses there. We were walking back to the car and we struck up a conversation with Sherry and when she mentioned the Joshua Fund, I said do you mean Joel Rosenberg? Sherry replied with a yes and there he is there, just a few feet away. John, Marie and I were privileged to speak with Joel for about five minutes as we walked back to the parking lot. Of course I had to tell him I had read nearly all his books!

We continued our journey nearly as far north to within just a few miles from the Syrian border. Our hearts broke for seeing the young IDF soldiers standing guard in small lookouts along the way. We observed several command bases and about a dozen tanks and various heavily armored off road combat vehicles.

All the while John was at many times singing in the Spirit and many occasions we would simply break out and began praying one after another, each giving glory to the Lord for all His goodness and asking for mercy and revelation to fall upon

His people.

We pulled on to a small rest area with a scenic view where a bus was parked. There were about 20 young men and women all IDF soldiers and they were eating lunch which consisted of fresh fruit. I asked if anyone spoke English, nearly all respond with a yes. I then remarked, Ah hah, so all of you speak English and immediately we were laughing and had a brief conversation.

Again, John, Marie and I kept speaking our message to them, you are loved and many Christians are praying for your protection and safety and blessing. Our heart is to see Israel prosper and be blessed. As I have said many times before, you see an immediate change in their countenance when hearing of God’s love.

Marie and I have remarked, that at every turn, every place you look, there is such beauty that certainly this is the Land of God. The Bible states that Jerusalem is the Lord’s footstool, since we know that God’s Word is true, then the valleys must be His footprints. You simply cannot turn your face in any direction without finding a breathtaking vista with each demanding to be placed on the cover of Nat Geo.

We wish to express our love and gratitude for all of you and our continued thanks for praying for us, we feel and see the reality of your prayer.

As I had stated before, our intention was not to rent a car and drive however we have now driven over 1,700 miles and we are about to begin out trek southward next Monday to visit with Melanie and Ronen. While in the area of the Negev, we will also take in Masada and the Dead Sea.

I will share a little secret with all of you. I had in my mind on more than one occasion, said in my heart, “I wish I had the time and energy to walk the Land”. The Lord’s ear is not deaf for He has granted my desire. He has such a  wonderful sense of humor. The Lord knows that I am no longer the young man who is able to walk the Land so He gave me a Kia Rio to make the journey a little quicker and considerably more enjoyable.

Such is the goodness of our God.

Our heart, our goal our command is to see the completion of the dream as expressed by the Spirit of the Lord.

John, Marie, and me

PS have taken 600 photos which will be available on the website after returning to the States.

Blessings to you and your house,

Steve Grable

http://jeremiah111.org/

Israel could transform global energy markets

In a March 11, 2011 Jerusalem Post article Dore Gold, president of the Jerusalem Center for Public Affairs and former Israeli ambassador to the UN stated that Israel’s newly discovered fossil fuel reserves could ‘revolutionize the global energy sector’.

Dor stated in the article, “Libyan oil accounts for less than 2 percent of world oil production, yet the revolt against Muammar Gaddafi has managed to shoot up the price of oil to more than $100 per barrel in the last month.”

The article goes on to report that, at the same time Israel holds the world’s third largest oil shale deposits and, because Israel’s Tamar gas field is capable of supplying the country’s domestic natural gas fields for the next twenty years, 100% of the gas harvested from the Leviathan field (estimate at twice the volume as Tamar) could go to export markets.

What does this mean? As Middle East oil supply from Arab countries becomes more expensive and more politically contentious, Israel’s energy exports from existing and pending discoveries should be coming online.

Bottom line: Israel energy exports in the near future could very well change the political and economic landscape in the Middle East. With Arab political regimes falling apart at the seams and oil prices spiking with the evening news, the fact that the only stable democratic government in the region and America’s best friend (yes, it’s still true) in the Middle East may very soon be one of the world’s energy exporters is a comforting thought. Go Israel!

Click here to read the full Jerusalem Post article.

Video Shoot at Zion’s Ma’anit-Joseph #3 Well

We (True Potential Media) traveled to Israel for a week of shooting video at Zion Oil’s office in Caesarea, their Ma’anit-Joseph #3 well site in Northern Israel, and in Jerusalem. Zion Founder John Brown, CEO Richard Rinberg, President and CEO Bill Ottaviani and Executive VP Victor Carrillo were on-site in Israel for interviews on the vision and progress of Zion Oil’s mission in Israel.

The video, photographs, and other content produced during the shoot will be compiled and presented over the next few weeks and months as Zion shares its story and its vision with the world: ” … to assist Israel in the restoration of the Land by finding and producing oil and gas – helping to make Israel politically and economically independent.”

Visit the Oil in Israel and Zion Oil Facebook pages as we add photos to the Israel albums.

Dead Sea Well Approved for Drilling

Shahar prospect gets nod for drilling

The well, due to begin drilling in the second quarter, is targeting oil-bearing strata at a depth of 3,300 meters.

Globes 31 January 11 12:22, Yael Gruntman

The Southern Regional Planning and Building Commission has approved the drilling of the Shahar 1 well, scheduled to begin in the second quarter of 2010. The well will drill to deep oil-bearing target strata.

Ginko Oil Exploration LP, which fully owns the license, has two positive opinions about the amount about the amount of oil in the license area: one by Dr. Haim Fliegelman, who estimates 260 million barrels of oil, and a second by UK consultancy firm Simco Petroleum (Management) Ltd., which estimates 9-138 million barrels of oil in the target strata.

At the current price of oil of $90 per barrel, the high-end estimate of 260 million barrels of oil is worth $23.4 billion, and the mid-range estimate of 41 million barrels of oil is worth $3.69 billion. Either way, the field has huge potential.

The Shahar license covers 389,000 dunam (97,250 acres) south of the Arava junction at the southern end of the Dead Sea valley. The Shahar 1 well will drill to 3,300 meters at a cost of $9 million. Lapidoth Israel Oil Prospectors Corporation Ltd. (TASE: LAPD) will probably be the well contractor.

Ginko, which owns the Shahar license, is in the final stages of merging with stock market shell Simcha Urieli & Sons Engineering & Construction Co, Ltd. (TASE: UREL), after Urieli’s shareholders approved the merger agreement last week.

Egyptian Gas Deals Threaten Tamar Exploration

JERUSALEM (AFP) December 14, 2010

Four Israeli firms have signed agreements to import Egyptian gas under a 20-year contract valued at between $5 billion and $10 billion, the Ampal-American Israel corporation said on Monday.

It said in a statement that Israel Chemicals, Dead Sea Works, Oil Refineries and OPC Rotem signed agreements to supply 1.4 billion cubic meters of gas over two decades, with an option to more than double that volume to 2.9 billion cubic meters.

The contract was signed with the Israeli-Egyptian East Mediterranean Gas, in which Ampal-American Israel Corporation has a 12.5% stake.

The gas supplies, which will fuel three private power plants, should start between the first and second quarters of next year, the statement said.

EMG has signed a number of agreements with Israeli firms since 2005, and the new contracts will boost the volume of Egyptian gas imports to 6 billion cubic meters worth $19 billion.

The Israeli business daily Globes said that the new contracts were a blow to companies involved in gas exploration in the Tamar fields off the port of Haifa in northern Israel, where reserves are estimated at 8 billion cubic meters.

The Texas-based Noble Energy is involved in that project.

Infrastructure Minister Uzi Landau on Sunday sent a letter to Prime Minister Benjamin Netanyahu warning that Israeli firms might give up on the Tamar field and instead turn to Egypt for gas supplies.

Landau said that the recent publication of a formal report recommending a sharp increase in royalties collected by the state on gas discoveries had created a “climate of uncertainty.”

The government-commissioned report recommends that royalties be nearly tripled to 60% once the companies involved in exploration and exploitation have recovered their initial investments.

Israel’s Offshore Discoveries Fuel Tension

Russian news agency, Russia Today, reports on Israel’s recent oil and gas discoveries and international tensions with Lebanon over disputed territorial boundaries. Onshore, Russia Today, briefly reports on Givot Olam’s Rosh Ha’Ayin site but does not mention the Zion Oil & Gas exploration area or the Joseph Project.

1.5 Billion Barrel Oil Discovery in Israel?

News reports out Israel of a 1.5 billion barrel oil discovery lit up websites and news postings yesterday. Israeli oil exploration company Givot Olam announced to the Tel Aviv Stock Exchange (TASE) on Tuesday that, “Production test drilling at Givot Olam’s Meged 5 site near Rosh Ha’ayin indicated it holds 1.525 billion barrels’ worth of oil.” And boy did it start a stir!

Givot Olam stock shot up 69% at one point, before finally settling out at a 19.7% gain … meanwhile trading was suspended and the Israel Securities Authority demanded clarifications of the report from Givot Olam – who didn’t have anything to add.  They said a full report would be available in September.

According to Israeli newspaper Haaretz, “This is not the first time Givot has issued partial and less than definitive information.” If you visit the Givot Olam website (http://www.givot.co.il/english/index.php) today you’ll read about the 2 billion barrels they “discovered” (but never produced) in 2004.  The truth behind this week’s “discovery” is that their tests don’t show how much oil they can produce or how much the discovery may be worth financially. What they do know is that even if there is 1.5 billion barrels down there, only a small percentage of it is recoverable; estimates range from 10% to 25%.

Givot Olam has been pumping oil mixed with gas and water from the Meged 5 test well for about a week and a half, averaging about 380 barrels per day. Israel consumes 235,000 barrels of oil per day. At the rate the Meged 5 is pumping now the well would supply less than two tenths of one percent of Israel’s daily consumption. If just 10% of Givot Olam’s “discovery” was recoverable (150 million barrels), the Meged 5 would have to maintain its current pace for over a thousand years to harvest the field. Israel burns through 150 million barrels in less than two years.

Haaretz reports: A geophysicist in the field, however, called the most recent announcement “speculative” and said the 1.525 billion figure appeared “exaggerated.”

“The bottom line is that I want to see the well’s capacity of barrels per day over time,” he said. “How much the drilling site can produce – that’s what will answer questions regarding its economic viability. Regarding the reserves, I don’t think they can be assessed at the moment. It’s a very rough estimate and everything gets into the range of probabilities.”

That’s what the geophysicists in Israel (the guys who know) are saying. It’s the same thing they told me after Givot Olam announced its 2 billion barrel “discovery” in 2004.

Bottom Line: Givot Olam’s announcement of a 1.5 billion barrel discovery is highly speculative and most likely exaggerated. A “discovery” doesn’t mean how many barrels a company can actually commercially produce (2004′s 2 billion barrel “discovery” commercially produced exactly zilch). We’ll need to wait until Givot Olam submits their definitive report in September and watch production on the Meged 5. Yesterday’s announcement created a lot of hoopla, but nobody, including Givot Olam, knows the substantive reality of the “discovery” at this point.

But that didn’t stop some Israeli news agencies and  Christian websites (Joel Rosenberg’s included) from running the headline “1.5 BILLION BARRELS OF OIL DISCOVERED IN ISRAEL” with few, if any, facts to back up the headline.

So why am I raining on everyone’s parade? Here’s why: the truth. There’s nobody that believes Israel will discover oil in a big way more than I do (except maybe John Brown of Zion Oil and Tovia Luskin of Givot Olam). And I believe the Bible (Torah) points to that discovery (so do John Brown and Tovia Luskin). But sensational headlines taken from unsubstantiated announcements don’t forward the search. When sensational headlines (like the 2 billion barrel “discovery” in 2004) don’ t pass the test of reality, they only disappoint the folks who believed them in the first place and hurt the credibility of those who ran the headline. That  said, here are the facts:

• The Bible (Torah) states that Jacob (Israel) would “suck honey out of the rock, and oil out of the flinty rock.” (Deut 32:13) Of Joseph (Ephraim and Manasseh) it states: “Blessed of the LORD be his land, for the precious things of heaven, for the dew, and for the deep that coucheth beneath, And for the precious fruits brought forth by the sun, and for the precious things put forth by the moon, And for the chief things of the ancient mountains, and for the precious things of the lasting hills, And for the precious things of the earth and fulness thereof …. (Deut. 33:13-16).  That Zebulun and Issachar “shall suck of the abundance of the seas, and of treasures hid in the sand.” (Deut 33:19) And that Asher would “dip his foot in oil.” (Duet 33:24)
• Tovia Luskin and John Brown founded their oil exploration companies based on their belief that scripture points to a major oil discovery in Israel.
• Zion Oil & Gas and Givot Olam have proven that oil exists deep below the territories the Bible (Torah) said it would be found.   Givot Olam has pumped more than 3,000 barrels of it in the last week and a half.
• Serious geological studies by the Geophysical Institute in Israel and the US Geological Survey have backed up Luskin’s and Brown’s belief by stating that they estimate a mean of 1.7 billion barrels of oil and 122 trillion cubic feet of natural gas are recoverable in the Levant Basin, which includes onshore and offshore Israel.
• Enough natural gas to supply all of Israel’s needs into the foreseeable future has already been discovered off the coast of Northern Israel.

The facts are enough. Israel has discovered huge quantities of natural gas, they’ve discovered oil right where the Bible said it would be, and I believe Israel is on the cusp of discovering major quantities of producible oil, both onshore and offshore – enough to supply them into the foreseeable future.  It’s happening now, but it hasn’t happened yet. The prophecy of Israel’s oil, I believe, is being fulfilled before our eyes, but it hasn’t been fulfilled yet. Misleading headlines aside, Givot Olam’s discovery is a part of that fulfillment. I’ll report the facts to you as we see them unfold. In the meantime here’s a more balanced article on the subject from the Israeli newspaper Haaretz: http://www.haaretz.com/print-edition/business/givot-olam-meged-has-1-5b-barrels-of-oil-1.308683

Steve Spillman

Zion Oil Concludes Field Seismic Acquisition

Zion Oil & Gas has successfully concluded acquisition of field seismic in both their Asher-Menashe License and Issachar-Zebulun Permit areas. The raw data is now being processed for interpretation, both in Israel and in Houston, Texas.

On June 16, 2010, field acquisition of new 2-dimensional seismic in the Jordan River Valley section of Zion’s Issachar-Zebulun permit area was successfully concluded.  Approximately 30 km of new seismic data was collected on Zion’s behalf by the Geophysical Institute of Israel (GII).

According to Zion CEO Richard Rinberg, “I am pleased to report that the data acquired does seem to be of good quality. This was not easy to achieve, as in the Asher-Menashe license area, there are some major roads. One night, we arranged for the police to stop the flow of traffic, so that the traffic ‘noise’ would not affect the seismic acquisition.

“Even with the latest computer technology, the data processing will take a number of weeks to produce results and then the resulting information will need to be carefully built into our geologic computer model by Zion’s geologists. As a result, we should be able to have a much better picture of any geologic structures under our exploration areas and therefore make better decisions regarding our future exploration plans.”

This data is now being “processed” by a geophysical consultant in the United States into usable graphic imagery that can then be “interpreted” by Zion geologists in their investigation for future drilling prospects.  The processing and interpretation of this data is expected to be finalized by October 2010.

‘Field seismic’ or ‘seismic reflection’, according to Wikipedia, is a method of exploration geophysics that uses the principles of seismology to estimate the properties of the Earth’s subsurface from reflected seismic waves. The method requires a controlled seismic source of energy, in this case, trucks equipped with seismic vibrators, commonly known by the trademark name Vibroseis. By noting the time it takes for a reflection to arrive at a receiver, it is possible to estimate the depth of the feature that generated the reflection. In this way, reflection seismology is similar to sonar and echolocation.

Zion Oil & Gas and other exploration companies use this seismic reflection technology to ‘see’ possible hydrocarbon bearing structures below the earth’s surface by ‘interpreting’ the reflected seismic data.

Givot Olam Drills Successful Oil Well

Israel drills successful oil well

JERUSALEM, June 16 (UPI) — Israel’s Givot Olam Oil Exploration said its drilling explorations at its Meged 5 well near Rosh Ha’Ayin have been very successful.

As a result of the initial operations, Givot Olam Oil Exploration is returning its hydraulic fracturing equipment to its foreign suppliers, Globes reported Wednesday.

Since the Rosh Ha’Ayin test bore produced oil mixed with gas instead of a water flow the bore, Givot Olam Oil Exploration Director Shmuel Becker told journalists, “We’re returning the (hydraulic) frac(turing) equipment because there is natural oil flow in the well.”

Givot Olam Oil Exploration reported that the test bore produced an oil flow of 302 barrels over nearly 20 hours. Following expert analysis, based on the test bore site’s natural oil flow from the Meged 5 well, Givot Olam Oil Exploration decided to dismantle the hydraulic fracturing and propelling equipment at the wellhead and send it back overseas.

In light of the Meged 5 bore hole success, Givot Olam Oil Exploration has begun preparations for tests of section 6 of the well.

Lebanon Speaker Urges Fast Action on Offshore Gas Reserves

(AFP) BEIRUT — Lebanese parliamentary speaker Nabih Berri on Wednesday urged his government to begin exploring offshore natural gas reserves, warning that neighboring Israel planned to lay claim to the prospective resources.

“Lebanon must take immediate action to defend its financial, political, economic and sovereign rights,” said Berri, who has submitted a bill to launch exploration of potential offshore reserves.

“Exploring our options in this field is our best bet to pay off Lebanon’s debts,” he told reporters.

Lebanon’s national debt, among the highest in the world, currently stands at more than 50 billion dollars (41.6 billion euros), equivalent to some 148 percent of GDP.

“Israel is racing to make the case a fait accompli and was quick to present itself as an oil emirate, ignoring the fact that, according to the maps, the deposit extends into Lebanese waters,” he said.

In a statement on its website, Norway-based Petroleum Geo-Services recently announced it had explored Lebanese waters which contained “valuable information” on potential offshore gas reserves in coordination with the Lebanese energy and water ministry.

And US-based Noble Energy said on its website that it had discovered enough natural gas at the Israeli Tamar and Dalit offshore fields to meet Israel’s needs for years.

It also announced the Leviathan prospect, offshore Israel in the Rachel and Amit licenses, as its next planned exploration target in the region in the fourth quarter of 2010.

Lebanon and Israel remain technically in a state of war and have no diplomatic ties.

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