Energy explorer Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) will soon increase the probability of finding natural gas at the Shimshon license, as well as the potential quantity there.
Market estimates are that the official notice will come as early as next week.
On June 30th, Isramco reported the results of the analysis of the seismic survey of Shimshon, which showed that in the southern portion of the license there are sands which, like similar sands in the Nile delta, can hold natural gas. The potential for the prospect was estimated at 43 billion cubic meters (1.1 trillion cubic feet), with a 15% chance of success.
Sources inform "Globes" that Isramco will raise the probability of success to more than 20%, and the potential quantity will be raised to 3 trillion cubic feet.
To compare, the preliminary chance of success at Tamar was given at 35%, and in the end 8.6 trillion cubic feet of natural gas were found.
Isramco declined to comment on the report.
Isramco owns 79% of Shimshon. Its affiliates INOC-Dead Sea LP (TASE: HLDS.L) and Naphtha Explorations Ltd. (TASE:NFEX.L) each own 10%, and Israel Oil Company owns 1%. Isramco owns 28% of Tamar and Dalit.
Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011