133 million barrels of oil estimated at Yam Hadera

December 5, 2011 by  

Modiin Energy LP (TASE:MDIN.L), controlled by Tzahi Sultan and Nochi Dankner through IDB Development Corp. Ltd., today [Sunday] announced that Netherland, Sewell & Associates Inc. (NSAI) estimates that the offshore Yam Hadera license has a best estimate of gross recoverable reserves of 133 million barrels of oil and 1.4 trillion cubic feet (TCF) of natural gas, with a geologic probability of success of 25-29%. For the sake of comparison, the Tamar reservoir has an estimated 9 TCF of gas and Leviathan has an estimated 16 TCF.

Modiin fully owns the Yam Hadera license, which comprises of three formations – Barnea, Shderot, and Zohar – in two sections, the northern and southern closures. The license is located 30 kilometers offshore between Hadera and Haifa. The license is valid through February 14, 2013. The survey covered a 485-square kilometer area and cost $4.4 million.

The low-end estimate is 49.7 million barrels of oil and the high-end estimate is 343.5 million barrels. The oil and gas are found in Cretaceous strata.

“We do not usually hold press conferences, but this time we decided to make an exception since the results from Yam Hadera are very significant,” IDB CEO Haim Gavrieli said this morning.

Sultan said, “We are currently one of the most liquid partnerships in the market. We are considering partnerships with local and foreign entities or remaining 100% private. I must say that we have had many offers for partnerships, some of which were quite surprising.”

On Wednesday, Modiin will provide the Ministry of Infrastructure with a drilling proposal, and will sign an agreement with the drilling rig by February 1. Drilling is slated to begin by June 1. The company estimates the cost of drilling at NIS 70-100 million.

Modiin Energy’s share price rose 1.6% in early trading today to NIS 0.38, giving a market cap of NIS 720 million.

Modiin Energy’s share price rose 1.6% in early trading today to NIS 0.38, giving a market cap of NIS 720 million.

Published by Globes [online], Israel business news – www.globes-online.com – on December 4, 2011

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Comments

16 Responses to “133 million barrels of oil estimated at Yam Hadera”

  1. Ian Moon on December 5th, 2011 12:56 pm

    Sir, A quick question and deserves a quick answer. Who or what country is going to do the refining of the oil? Does Israel have a refinery? Respectfully yours Ian Moon.

  2. Janelle Lyles on December 5th, 2011 12:56 pm

    I think this is so exciting for Israel. I pray that Israel is blessed and that these finds of oil and gas are blessings for our Lord.

    I would like to find out how to become a stock holder in this. How do I go about buying shares?

  3. PAUL T. RAWL on December 5th, 2011 1:34 pm

    HOW DOES THIS AFFECT MY SHARE VALUE IN ZION?

  4. Enzo Nahum on December 5th, 2011 5:26 pm

    I am very interested in the news of “oil in Israel” and I am very happy to receive your newsletter, but I would be even happier to be able to read in your newsletter some indication of rock fomations and depth of potential reservoirs. Could you make the effort an gather these types of technical information? hank you very much and keep up the good work.

    Enzo Nahum

  5. Tine van der Meer on December 5th, 2011 6:19 pm

    That is great news, The Lord truly is good to His favorite people Israel, the apple of His eye! I hope you will be able to go beyond all expectations for this find.

  6. Grace Kamala on December 5th, 2011 10:03 pm

    To God be the Glory for ever and ever Amen.

  7. Bill... on December 6th, 2011 5:30 am

    The good news keeps coming! With the continuing oil & gas finds in Israel, and the democratic Middle East nation becoming not only energy independent but an energy exporter, the problem may be the vultures already circling the Jewish state. “Booty” will be the 2nd major factor in the next big Middle East war.

    I am praying for Israel every day & encouraging as many as I can to support Jehovah’s chosen people.

    God bless your company’s labor & sacrifices in your commitment to Israel.

  8. Michael Edwards on December 6th, 2011 10:54 am

    I will be praying for Gods protection of these blessings, and assets for Israel, that are scriptural, Deuteronomy 33:19, as quoted by Mr. John Brown, in his Book, “The Oil of Israel”. May the Lord Bless you. Sincerely, Michael Edwards.

  9. Jimmy Long on December 7th, 2011 9:10 am

    Do you think we should try to get a partner with them.

  10. kathleen Musetti on December 9th, 2011 5:24 pm

    I just want to know if you have stock in zion oil & gas is this letter for the stock holder thanks kathleen

  11. Dr.Mohsen Hannan on December 10th, 2011 12:40 am

    In Iran we product 5000000 bbl/day crude oil.

  12. Kathleen on December 11th, 2011 3:03 pm

    I have a stock in Zion is this the same place there are talking about? Yam Hadera? thanks kathleen

  13. maria arroyo on January 7th, 2012 11:46 pm

    praise the lord God is faithful,just read this email i think this wonderful news

  14. isireli vosaicake. on January 11th, 2012 2:01 am

    Isn’t it great that we are , again witnessing the work of the almighty god in these places. The parting of the red sea, water from the rock in kadesh bania and many others is something we only read about from the bibble .Israel never thought they would one day be able to produce oil and natural gas as they have been buying it from arab nation who set terms and condition. God is with you israel and he will always be there for you.

  15. Olja funnen i Israel « Vad händer i Mellanöstern idag? on January 31st, 2012 11:30 pm

    [...] 133 million barrels of oil estimated at Yam Hadera [...]

  16. Hilly on February 11th, 2012 7:02 am

    WAYHAY!!!!!!!!!!!!
    YES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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