The best estimate of the undiscovered natural gas reserves at the offshore Shimshon license is 2.3 trillion cubic feet.
Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) today notified the Tel Aviv Stock Exchange (TASE) that the best estimate by the independent US expert of the undiscovered natural gas reserves at the offshore Shimshon license is 2.3 trillion cubic feet. The high estimate is 3.4 trillion cubic feet and the low estimate is 1.5 trillion cubic feet.
The geological/geophysical chance of success is 20%. The estimates are based on a reassessment of a 3D seismic survey conducted in 2001.
On Thursday, "Globes" reported that Isramco would raise the geologic chance of success and the undiscovered reserves at Shimshon. On June 30, Isramco announced that the reassessment of the 3D seismic survey found 1.1 trillion cubic feet best estimate with a geological chance of success of 15%.
Isramco's share price rose 3.8% by midday today to NIS 0.415, giving a market cap of NIS 4.54 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on March 6, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011