Modiin Energy ups Yam Hadera gas, oil estimates

Modiin Energy LP (TASE:MDIN.L) today reported that the Yam Hadera offshore prospect has a best estimate of 208 million barrels of oil in unrisked gross prospective resources, and 3.4 trillion cubic feet (TCF) of natural gas. The oil estimate is 57% more than in previous estimate of 133 million barrels of oil, and the gas estimate is 146% higher. The geologic probability of success is 25-29% for the oil prospect and 17-29% for the gas. The estimates were prepared by Netherland Sewell & Associates Ltd. (NSAI), based on a 3D seismic survey of a 250-square kilometer area of the prospect's northern closure.

Modiin Energy wholly owns the rights to the 400-square kilometer Yam Hadera license, located 30 kilometers west of Hadera. The water depth in the license area is 500-1,000 meters. Modiin is controlled by IDB Holding Corp. Ltd. (TASE:IDBH) and Tzahi Sultan. The company was hit hard in 2012 by the dry holes at its Myra and Sarah offshore prospects.

Modiin Energy co-CEO Ron Maor said, "These are excellent results indicating a greater potential than the previous estimate. The license has been shown to be an important asset for the partnership, which wholly owns the rights to it. We are updating the work plan for the license, in cooperation with the Petroleum Commissioner, including extending the license period and bringing in partners."

Published by Globes [online], Israel business news - www.globes-online.com - on July 17, 2013

? Copyright of Globes Publisher Itonut (1983) Ltd. 2013

Source: http://www.globes.co.il/serveen/globes/docview.asp?did=1000862829

Kate Upton Topless summer solstice tahiti tahiti chris bosh Chris Andersen Xbox