Tamar Partners Increase Gas Field Estimate by 13%

July 02, 2017 | Globes

The reservoir is now believed to contain 318 BCM of gas and 14.6 million barrels of condensate.

Delek Drilling Limited Partnership (TASE: DEDR.L) and Isramco Negev 2 LP (TASE: ISRA.L) today published a revised report about the natural gas and condensate reserves in the Tamar prospect, which includes the Tamar and southwestern Tamar reservoirs. The report estimates the proven and expected (P2) reserves in the prospect at 13% more than the previous estimate.

The revised reserves report, which will also be published in the framework of Tamar Petroleum’s prospectus, was conducted by independent assessor Netherland, Sewell, & Associates (NSAI). It includes an analysis of the geological and engineering information from the Tamar 8 drilling, and also the updated figures.

The previous estimate published in the companies’ 2016 financial statements (also from NSAI) was 282 BCM in proven and expected gas reserves and 13 million barrels of condensate. The new report published today raises the estimates to 318 BCM of gas and 14.6 million barrels of condensate.

Delek Drilling CEO Yossi Abu stated, “The revised reserves figures show that the fully geological potential in the Levant Basin has not yet been utilized. The Tamar reservoir has made the Israeli economy self-sufficient in energy, but the natural gas revolution in Israel is only beginning. We will continue making natural gas the source of fuel for the electricity sector and Israeli industry, while penetrating new target markets, such as transportation.”

 


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