Israeli shallow-water oil and gas prospects go higher

Offshore staff

TORONTO – Netherland, Sewell & Associates has updated its estimate on potential resources in Adira Energy’s Samuel license offshore Israel.

This includes a best-estimate aggregate of 65.8 MMbbl of oil and 65.8 bcf (1.9 bcm) of gas in four structures.

About42 sq km (16 sq mi) of 3D seismic data was acquired in 2011 over the license using ocean bottom cable acquisition and processing technology.

Jeffrey E. Walter, CEO of Adira, said: “The report from Netherland Sewell clearly defines that Adira has additional oil exploration opportunities in the emerging Syrian Arc oil trend of the Levant basin.

“The initial well will target the Cretaceous section which is estimated to contain almost 38 MMboe on a gross unrisked basis. Adira and its partners will continue to review the deeper Jurassic section, which NSAI estimates has the potential of 38 MMbbl of prospective unrisked oil equivalent.”

The Samuel license covers 360 sq km (139 sq mi) in water depths of 30-100 m (98-328 ft).

10/23/2012