Tel Aviv Stock Exchange rises as two additional natural gas reservoir reports and predictions liken new discovery to almost as large as Israel’s largest gas field Tamar
Two Israeli energy companies, Isramco and Modiin Energy LP announced the discovery of an additional two massive gas reservoirs on Israel’s coast.
According to report by Netherland, Sewell and Associates, Inc., the two gas reservoirs, being referred to as the “Og Prospect” is estimated at 8.9 trillion cubic feet of natural gas. If successful, the two fields combined would be measured at approximately 254 billion cubic meters, in comparison to Israel’s largest gas field “Tamar” of 282 billion cubic meters.
The report claims that one reservoir holds a prospective 1.1 TCF of gas and the second 7.8 TCF of gas. There is a 38-43% probability of finding gas according to the report, Isramco up 8.46% in the Tel Aviv Stock Exchange, with Modiin rising 34.4%.
The CEO of the General Parner in Modiin Energy, Ron Maor, stated on the discovery “We are excited at the potential that has been revealed for finding gas in the Daniel East and Daniel West licenses. This is potential of a significant size which, if realized, could represent competition for the currently existing reserves, and improve the country’s energy security. Together with our partners we will carry out drillings to test the potential prospects as soon as possible. We hope that the State of Israel will encourage further activity in the potential gas reserves in the Daniel East and Daniel West fields.”