AGR, Partners Make Big Israeli Gas Find

From Platts

Israel’s offshore gas potential continues to grow as a group of Norwegian and Israeli drillers said they have made a discovery with the Aphrodite-2 exploration well in the Ishai license block.

Norway’s AGR, the operator of the well, said Thursday that “significant signs of natural gas” had been found in the lower Miocene sands.

It said the well was drilled to a depth of 5,187 meters below sea level and that the thickness of the net gas-bearing layer is approximately 15 meters.

“[We] have performed various tests whose results attest that the layers contain natural gas,” AGR said in a statement.

“These preliminary results and their analysis clearly indicate the existence of natural gas in the well,” it said.

AGR said it would now perform processing and evaluation of the information collected.

AGR is operator, holding a 5% stake in the five Pelagic licenses of Ishai, Aditya, Lela, Yahav and Yoad.

Its partners are Israel Opportunity with 10%; Nammax Oil and Gas Ltd. owned by Israeli businessman Benny Steinmetz with 42.5%; and two companies owned by Israeli businessman Teddy Sagi, Frendum Investments Ltd. and Daden Investment Ltd. with a combined stake of 42.5%.

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