Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) today announced the completion of production tests at the Shimshon 1 well. The tests lasted 35 days, in conjunction with the well's operator ATP Oil & Gas Corporation (Nasdaq: ATPG).
The production tests produced 39.08 million cubic feet of natural gas and 9.3 barrels of condensate. The average flow rate was 22.7 million cubic feet of gas per day.
Drilling of the Shimshon 1 well began in April to target strata that may have 2.3 trillion cubic feet of natural gas with a probability of 20%, a low figure compared with the probability of the Tamar Sands. The gas field is just over a quarter of the size of the Tamar field.
Isramco owns 39% of the Shimshon rights, its affiliates own 21%, and ATP owns 40%. Modiin Energy LP (TASE:MDIN.L), controlled by Tzahi Sultan and IDB Holding Corp. Ltd. (TASE:IDBH) has acquired 10% of to Shimshon drilling rights from Isramco, but the conditions of the agreement have not yet been fulfilled.
Published by Globes [online], Israel business news - www.globes-online.com - on July 30, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012