11/30/10

Permalink Israel is sitting on top of a 1-billion-barrel oil field [stolen from Palestine]

Givot's Meged reserve estimated at $830. Givot Olam Oil Exploration LP (TASE:GIVO.L) today held a press briefing at the Tel Aviv Stock Exchange (TASE) building. Givot geologist Tuvia Luskin, strategic consultant Giora Eiland, communications advisor Motti Morrell, and geologist Nick Wright of Greensand Associates Ltd., an oil and gas exploration consultancy, were present. Wright gave a presentation for institutional investors.

On the basis of the probable and contingent reserves evaluations for the Meged 5 well and the planned Meged 6 and Meged 7 wells, the value of the Meged field is $830 million. Givot's share price rose 2.6% today to NIS 0.08, giving a market cap of NIS 800 million.

Wright's evaluation was broken down to proven oil and gas reserves, probable reserves (classified as P1 - proven; P2 - probable; and P3 - possible). The probable reserves, which have a 50% geologic chance of success, include the P1 proven reserves, which have a 90% geologic chance of success. The P3 possible reserves include the quantities included in the P1 and P2 categories.

Wright's report, based on a Reserves Classification Report by Baker RDS Ltd. of the UK, covered the Meged 5 well and planned Meged 6 and Meged 7 well, which are scheduled to be drilled in 2012, under Givot's work plan. Baker RDS estimates Meged's proven reserves at 2.2 million barrels of oil, from Meged 5's sections 1 through 6, which have been analyzed so far. When the Meged 6 and 7 wells are added to the equation, the P2 probable reserves increase to 10.5 million barrels of oil, with a 10% geological chance of success. The P3 possible reserves total 16.9 million barrels.

Givot had asked Wright to prepare an independent evaluation of the Meged oil reserve and the chances and risks of drilling another well into the structure before Givot drilled the Meged 5 well.

AWIP: The Issue of Territorial Waters: Gaza's Offshore Gas Fields Israel's blockade of Gaza is in large part motivated by the broader issue of control of Gaza's territorial waters, which contain significant reserves of natural gas. What is at stake is the confiscation of Palestinian gas fields and the unilateral de facto declaration of Israeli sovereignty over Gaza's maritime areas. If the blockade were to be broken, Israel's de facto control over Gaza's offshore gas reserves would be jeopardy.

Oil in Israel: Israel’s Future as an Energy Exporter
AWIP: US-Israeli group to start drilling for gas, oil off coast

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