Oil Discovered Near Dead Sea

JERUSALEM, Jan 24 (Reuters) – An Israeli oil exploration group said on Sunday it has found indications of oil in drilling near the Dead Sea.

But the group said it was not yet clear if there were commercial quantities of oil at the Tzuk Tamrur 4 site.

“A preliminary analysis found the target with oil-bearing sandstone,” it said in a statement to the Tel Aviv Stock Exchange.

The site was drilled to a depth of 2,040 metres and the group plans to drill further to 2,150 metres.

When drilling is complete the group will then decide whether it was viable to pursue production tests, it said.

Zerah Oil and Gas Exploration (ZRAHp.TA) owns half of the exploration group, with Delek Drilling (DEDRp.TA) and Avner Oil Exploration (AVNRp.TA) owning 25 percent each. Delek and Avner are units of conglomerate Delek Group (DELKG.TA).

Zerah’s shares were up 14.7 percent in afternoon trading. Delek Drilling’s shares were 0.2 percent lower and Avner’s shares were down 1 percent, compared with losses of 2.3 percent on the broader Tel Aviv bourse. (Reporting by Steven Scheer; Editing by Greg Mahlich)

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