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Israel should and is protecting this oil field with all they got. The golan heights oil is pure survival. I am long on this one. Very long.
I think GNE giving BOE will propel this expotentially.
The information coming out looks very promising. Hopefully the next level of testing will provide some solid numbers for the recoverable amount of oil and the quality of the oil. Let's hope this testing will be accomplished soon!
Always a risk in a war torn area.
Lets hope Russia or isis or hezbolla or hamas does not send a rocket into it..what are the chances? of not getting bombed?
Let's hope discovery was as big as they expect!!
Game changer here it looks like
Genie Energy (GNE +19.1%) is surging after the company confirms it has found massive oil reserves in the Golan Heights, but adds that the specific quantity and quality of oil is not yet known.
GNE says the resource is present at multiple strata and is up to 350 meters thick in some of the explored portion of the license area vs. strata 20-30 meters thick on average in the world.
GNE says it has completed drilling two exploratory wells within the area and begun drilling a third pursuant to a 10-well exploratory program.
GNE! Striking oil in Israel.
Potentially game-changing oil reserves discovered in Israel
http://www.foxnews.com/world/2015/10/07/potentially-game-changing-oil-reserves-discovered-in-israel/
This is GREAT news! Thanks for posting.... Also the board is amazing!
Absolutely amazing news
http://finance.yahoo.com/news/genie-energy-gne-announces-additions-123000232.html
It is hard to believe that this small company has this kind of Advisory Board.
Looking good! Article in May 6 Jerusalem Post
http://www.jpost.com/Business-and-Innovation/Environment/Hydrocarbons-identified-at-southern-Golan-Heights-drilling-site-402235.
What can't GNE suspend exploration and just focus on their wholesale and retail businesses until commodity pricing improves?
Did you see the trade at the end of the day? Wonder what that was about?
Same here, looks like it is starting to move I guess because their news said they spud. This is my long shot stock due to risk so I only put money I could lose. Hope I don't though, lol. Good luck to us.
Yes I am. I believe the stock is worth holding a core position in while trading around it to capitalize on the long term fluctuations.
Are you in GNE Giovanni?
Just curious, are you still following GNE?
I agree,,,,GNE has great potential.
Why Now? Because...... I could write a novel on this. Granted, the market is littered with failed exploration companies, but let's think about the upside and downside of GNE at this price point.
DOWNSIDE Protection: Current Equity value (incl. Preferred) of $162M. Less $118M in net cash & WC, equals $44M of enterprise value. Just from the retail energy division, they'll generate ~$250M of revenue and ~$15M of stabilized EBITDA. Without consideration to any of their exploration and activities and intellectual property from GOGAS, this is a compelling valuation.
UPSIDE: Take into the possible huge upside from their two Israel projects (I believe their in-situ project in central Israel will be restarted in 2015) as well as their Mongolia and Colorado projects and you're getting a potentially very valuable call option for free. The Northern Israel project that finally got the thumbs up this week is the real catalyst I care about.
TIME VALUE: Genie Energy is also paying a ~3.5% dividend while you wait for the homerun.
I've studied every inch of this company for two plus years, I understand the risks (everything from Syria/ Golan Heights politics to the long time horizon on the in-situ projects), however, as opposed to most small E&P companies, there's lots of protection here and the insiders are very very incentivized both monetarily and through their Israel connections.
It's a good gamble. Kona Capital
It set off a low price alert I set for it back in the summer.
I've followed GNE for a couple years. It has my attention now, anyone following this board?
I agree Deborah, I agree
Been trying to find out why these runs start without news and then the news hits and boom, the stock drops. I guess it is buy the rumor, sell the news. I guess I need to hear the rumor, lol. Good luck to us!!! :)
I'm here because I believe GNE is a good investment & affordable for me as well :)
Merry Christmas,
Just curious, what brings you here?
Why does GNE have to come up with a new way to frack?
Gas companies are successfully fracking all over the world.
What the heck is going on here?
Genie Energy Ltd. to Present, Live, at "The Shale Revolution" Virtual Investor Conference on July 11th
Company invites Main Street and Wall Street investors to attend interactive real-time virtual conference
NEW YORK, July 10, 2013 /PRNewswire/ -- Genie Energy Ltd. (NYSE: GNE, GNEPRA) today announced that Avi Goldin, Chief Financial Officer, will present at RetailInvestorConferences.com.
DATE: July 11, 2013
TIME: 1:15 PM EDT
LINK: www.retailinvestorconferences.com > click the red "register / watch
event now" button
This will be a live, interactive online event where investors are invited to ask the company questions in real-time - both in the presentation hall as well as the company's "virtual trade booth." If attendees are not able to join the event live on the day of the conference, an on-demand archive will be available for 90 days.
It is recommended that investors pre-register to save time and receive event updates.
About Genie Energy Ltd.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) is comprised of IDT Energy and Genie Oil and Gas (GOGAS). IDT Energy is a retail energy provider supplying electricity and natural gas to residential and small business customers in the Northeastern United States. GOGAS is pioneering technologies to produce clean and affordable transportation fuels from the world's abundant oil shales and other fuel resources. GOGAS resource development projects include a conventional oil exploration program in Israel and in-situ oil shale projects in Colorado, Israel and Mongolia. For more information, visit www.genie.com.
About RetailInvestorConferences.com
Since 2010, RetailInvestorConferences.com has been the only monthly virtual investor conference series that provides an interactive forum for presenting companies to meet directly with retail investors using a graphically-enhanced online platform.
Designed to replicate the look and feel of location-based investor conferences, Retail Investor Conferences unites PR Newswire's leading-edge online conferencing and investor communications capabilities with BetterInvesting's extensive retail investor audience network.
SOURCE Genie Energy
/CONTACT: Genie Energy Investor Relations - Bill Ulrey, 973-438-3848, invest@genie.com; RetailInvestorConferences.com - Bradley H. Smith, bradley.smith@prnewswire.com, 201.942.7157
/Web site: http://www.genie.com
Israel natural gas exports worth $60bn over next 20 years
By John Reed in Jerusalem
©Lihee Avidan
The Sedco Express drilling rig above the Tamar gas field in the Mediterranean
Israel’s government on Wednesday said it had reached a long-awaited decision on exports of its offshore natural gas, which it said would bring the country a windfall of $60bn of profits over the next two decades.
Government officials led by Prime Minister Benjamin Netanyahu said that they had decided to reserve 60 per cent of the gas for domestic use. They said this amount would be enough to meet Israel’s gas needs for at least the next 25 years.
The proportion of gas Israel is reserving for its domestic market is slightly higher than the 52 per cent recommended by a government committee charged with devising export policy, which presented its findings last year.
The Israeli government’s decision on the Tzemach committee’s findings had been awaited by investors in the sector, led by Noble Energy of the US and Israel’s Delek. The two companies began pumping gas at the offshore Tamar field earlier this year, and wanted clarity on government’s export guidelines before moving to exploit the larger Leviathan field.
Analysts say that Israel’s Mediterranean gas finds, among the largest of their kind in the world in recent years, have the potential to boost the economy for years to come and could transform the Middle East’s energy map.
Noble and Delek are studying projects around exporting liquefied natural gas or pumping the resource via pipelines to Turkey, Jordan, the Israeli-occupied West Bank, and possibly Egypt.
Israel’s government is set to keep 60 per cent of profits from gas exports for itself, it said on Wednesday, in line with its current royalty policy.
Gas from the Tamar field, which for now supplies only the Israeli market, is due to contribute nearly one percentage point to the country’s GDP growth this year.
Mr Netanyahu said he had reached the decision on gas exports in conjunction with Yair Lapid, finance minister, Silvan Shalom, energy and water resources minister, and Stanley Fischer, outgoing governor of the Bank of Israel.
His government said the decision “balances the need to ensure a source of available and affordable energy for the citizens of Israel and the need to export gas from which the state will generate profits to be invested in the welfare and safety of citizens.”
It will be submitted for approval by Mr Netanyahu’s cabinet on Sunday.
The decision comes in the context of growing resource nationalism in Israel, championed by a new cohort of populist members of parliament that took power after January’s national election.
Earlier this week Mr Lapid announced the establishment of a committee due to examine the royalties paid by private entities profiting from Israel’s natural resources other than gas.
The committee will be headed by Eytan Sheshinski, who headed an earlier committee that advised government on natural gas taxation policy in 2011. Shares in Israel Chemicals, which produces potash fertiliser at the Dead Sea Works, plunged on the news.
Copyright The Financial Times Limited 2013. You may share using our article tools.
Please don't cut articles from FT.com and redistribute by email or post to the web.
THE HEATING ELEMENT IN THE TEST FACILITY IN COLORADO HAS FAILED.
FROM THEIR JUST RELEASED REPORT:
Genie Oil and Gas (GOGAS)
GOGAS currently generates no revenues. GOGAS’ operating expenses consist primarily of research and development expense and expenses of its intellectual property development and other business development efforts. GOGAS accounts for its investment in AMSO, LLC using the equity method.
GOGAS reported $2.8 million of combined R&D and G&A expense in 1Q13, compared to $2.3 million in the year ago quarter and $2.9 million in 4Q12. The year over year increase primarily reflects increased G&A expense incurred by GOGAS’ business development efforts in Mongolia and Israel. Equity in the net loss of AMSO, LLC increased to $1.1 million in 1Q13 from $0.8 million in the year ago quarter, reflecting the operating costs of the pilot project and the cost of equipment modifications and other preparations for the re-start of the pilot test plant. GOGAS’ loss from operations was $(3.9) million for both 1Q13 and 4Q12, compared to $(3.1) million in 1Q12.
AMSO, LLC is a joint venture oil shale exploration and production initiative with Total, S.A. operating pursuant to a federal Research, Development and Demonstration lease on federal lands in Colorado.
AMSO, LLC has constructed a pilot facility designed to validate key assumptions of its in-situ oil shale recovery process and has received all permits required for pilot test operations. In early March, 2013, AMSO, LLC initiated its oil shale pilot test in Colorado by turning on the electric heater. After approximately two weeks of operation, before the pilot could attain steady-state operations, the down-hole electric heater failed. While pilot operations were too short to allow conclusions to be drawn about the ultimate viability of our approach, the operating team did learn valuable information that will help to optimize operating conditions for future pilot operations.
AMSO is currently evaluating additional modifications to the electric heater to improve its reliability while simultaneously developing engineering plans for a hot fluid circulating (HFC) heater. In this approach, the heat is generated above ground and transferred to the retort zone via piped fluids. Although development and testing of these units could delay the pilot test re-start by approximately a year, the HFC approach is more readily applicable to the approach expected to be used in AMSO’s eventual commercial operations. During the current quarter, AMSO expects to make a decision whether to proceed with another electric heater test or to move directly to HFC heater development and testing.
IEI holds an exclusive Oil Shale Exploration and Production license covering 238 square kilometers in the Shfela basin region in Israel. In mid-April, IEI received the governmental directives required for preparation and submission of an environmental impact statement. The environmental impact statement is a necessary component of IEI’s pilot permit application, and a permit is needed to construct and operate an oil shale pilot test facility. IEI intends to submit its pilot application during the second quarter of 2013.
In April 2013, the government of Israel finalized the award to a Genie Energy subsidiary of an exclusive, 36 month petroleum exploration license covering 396.5 square kilometers in the Southern portion of the Golan Heights. Afek Oil and Gas, Ltd., (formerly Genie Israel Oil and Gas, Ltd.), a Genie subsidiary, is carrying out the work pursuant to this license. Afek has added seasoned oil and gas exploration professionals to its team and has begun initial geophysical tests to characterize the site and is currently making preparations for additional geophysical, seismic, and drilling operations.
On April 19, 2013, Genie Oil Shale Mongolia, LLC (Genie Mongolia), and the Petroleum Authority of Mongolia entered into an exclusive oil shale development agreement to explore and evaluate the commercial potential of oil shale resources on a 34,470 square kilometer area in Central Mongolia.
The five year agreement calls for Genie Mongolia to explore, identify and characterize the oil shale resource in the survey area and to conduct a pilot test using in-situ technology on appropriate oil shale deposits. Genie may seek to proceed to commercial development via a production sharing agreement in accordance with Mongolian law.
In-Situ Processes
In-situ processes can be technically feasible in
deeper, richer deposits where the rock has natural
permeability or where permeability can be created by
fracturing.
True in-situ processes involve no mining.
?? The shale is fractured, air is injected, the shale is
ignited to heat the formation, and shale oil moves
through fractures to production wells.
?? Difficulties in controlling the flame front and the
flow of oil can limit oil recovery, leaving areas
unheated and some oil unrecovered. (Figure 3)
Modified in-situ (MIS) may involve mining below
or above the target shale deposit before heating to
create void space of 20 to 25 percent.
?? The shale is heated by igniting the top of the
target deposit and recovering fluids from
ahead of or beneath the heated zone.
?? Modified in-situ processes can improve
performance by heating more of the shale,
improving the flow of gases and liquids
through the rock formation, and increasing
volumes and quality of the oil produced.
Environmental Caveat: Both true and modified insitu
processes are challenged by the potential for
contamination of groundwater by pyrolized oil and
other metals and toxics that may be left behind.
Shell ICP: Shell’s new in-situ conversion process
(ICP) could produce high quality fuels in a more,
economic and environmentally sound manner. In this
substantial modification of the “true in-situ” process:
?? Electric or gas heaters, placed in closely spaced
vertical wells, slowly heat the shale for 2-4 years.
?? The slow heating creates microfractures in the
rock that augment natural permeability and
enhance fluid flow from heated zones to
production wells.
?? Resulting shale oil and gases are moved to the
surface by conventional wells and vapor recovery
technology.
?? Slow heating improves product quality; subsequent
product treating is less complex, than for
surface retorts or other in-situ approaches.
?? Much more oil and gas may be recovered from a
given area as shale oil and combustible gas
products can be produced at greater depths than
are accessible by other oil shale technologies.
?? The ICP process involves no subsurface
combustion of the resource, reducing
environmental impacts.
?? Close spacing, adjustable heat sources, and
modern downhole monitoring technologies vastly
improves temperature control.
?? Innovative “freeze wall” technology is being
tested to isolate production areas from intrusion
of groundwater until shale heating, production,
and post production flushing has been completed.
Shell is currently operating a modest field research
effort in northwestern Colorado’s Piceance Basin to
test ICP’s viability on the basin’s world-class oil
shale reserves. Critical issues include:
?? Development of reliable heater technology
?? Improvements of heater durability relative to
down hole rock mechanics
?? Validation of efficacy of freeze wall
technologies.
Figure 3: Conventional True In-Situ Process Schematic
Increasingly SURE FEB 02
Tight Overburden
Low Perm Shale Lower Seal
Lean Shale / Fracture porosity
Rich Shale
Rich Shale
Rich Shale
Producer Heaters
well
Freeze wall
barrier
It took a few days for them to put this out, but this still has huge potential on the Up side, IMO.
BWD
it is official now....I stumbled upon GNE when researching power plants and energy in Mongolia....Prophecy coal is the name of the company...they are a penny stock as of now...the government is going to be signing a power purchase agreement in the near future with them...then if I am not mistsaken...GNE will buy power for the test pilot plant in Mongolia...that was how I pinned the two to my portfolio
Mongolia signs oil shale feasibility agreement
HOUSTON, Apr. 19
04/19/2013
By OGJ editors
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Genie Energy Ltd., Newark, NJ, said its Mongolian subsidiary signed an exclusive agreement to explore and evaluate the commercial potential of oil shale resources on 34,470 sq km in central Mongolia.
Petroleum Authority of Mongolia granted Genie Oil Shale Mongolia LLC a 5-year contract to explore, identify, and characterize the resource and conduct a pilot test using in situ technology on appropriate oil shale deposits.
Genie may seek to proceed to commercial development via a production sharing agreement in accordance with Mongolian law. To date, Genie Energy is the only recipient of an exclusive oil shale survey contract in Mongolia.
Genie Energy said it began evaluating Mongolia’s oil shale deposits after signing a joint survey agreement in 2012 and that it has located a world class resource within which it will now identify the most advantageous areas for development.
Genie Energy is comprised of IDT Energy and Genie Oil and Gas. IDT Energy supplies electricity and natural gas to residential and small business customers in the northeastern US. The oil and gas unit has oil shale and oil and gas initiatives in Colorado, Israel, and Mongolia.
Very cool, Thanks for the update!!
BWD
more from Mongolia (last part)
http://www.adb.org/sites/default/files/ado2013-mongolia.pdf
Go Genie
After I read your post last night, I started to search for info, and I found the exact article that you linked me too.
Now I am getting really excited to see where this is going to take GNE on the fun scale!!
I have been in GNE for a while now, and have a few friends that I have told about it, and they bought shares as well, and have been very happy with how good this one has been to date.
Thanks again for the update, and I look forward to more news from them, hopefully soon, on this project.
BWD
I have been a shareholder of Prophecy Coal that is planning on building a mine mouth clean coal fired power plant in Mongolia, they are just waiting on the Ministry of Energy to sign a Power Purchase agreement so they can move forward. Monnis is a large conglomerate of businesses in Mongolia that has connections to getting local contractors and people for projects like this one, as Mongolia usually wants a large portion of residents to works at these projects. The country is going through growing pains, still has periods of power outages, and the capital city is ranked 2nd on the list of the worst air pollution on the planet because many people still live in "gers" or round tents that have stoves that they burn raw coal in to stay warm in the winters...which creates the smog that is killing their respiratory systems. Getting back to Genie here, all of the country's fuel is imported at present. Majority of it, 75%, is from Russia and the rest from China. They are not in control of their costs. When looking at the exchange rates and the amount they can produce a liter for, like 26 cents, and sell it for about .75 cents-1.00 per liter, this would be a monster profit margin. The country is looking at a massive mining boom with so many mines that will come on line, should the government channel it properly, that they will need large amounts of fuel for. The country is so vast, with not much transportation infrastructure, limited rail lines that actually have different gauge(size) than the Russians or Chinese, they have to stop at the borders and switch the under carriage to continue on!! Crazy, but that is the system at present, so most all of the product is trucked out of the country...it needs fuel now and the amount will grow substantially as the mines come on line.
here is the link to the article on Genie
http://ubpost.mongolnews.mn/?p=3553
Thanks oo7, that makes sense of the recent run up
early accumulation was going on, jmho
good stuff, this stock could be absolutely huge!!!
Go GNE
Nice find on the article. There was a 911 about 5 minutes before the close today, and while I find that these MM signals are most of the time a lot of BS, this one just might be right.
Would you have the link to the article??
Thanks again for posting this.
BWD
Entire country Carrot
anyone familiar with a country that imports all of their fuel from outside but wants and needs to do it internally with a massive shale? Right next to China.....Mongolia
was researching a power plant play in Mongolia from Prophecy Coal when I ran across GNE....bought some recently and now this comes out ...............
Tuesday, April 9th, 2013 | Posted by admin
Oil shale: Solution to Mongolia’s imported fuel dependency
By B.Khash-Erdene
It is estimated that Mongolia has and 800 billion tons of oil shale reserves. But this number was deduced by Mongolian geologists by studying only 19 percent of the outlined reserves in 1990.
Oil shale is said to be an alternative fuel source which provides a vast potential for profit to businessmen and entrepreneurs. Although Mongolia hasn’t even fully established its reserves of this possible miraculous mineral, foreign businesses have already begun eyeing Mongolia’s shale deposits.
MAK of Mongolia, USA’s Genie Oil & Gas, and France’s Total have introduced to the Ministry of Mining’s Petroleum Authority their pre-feasibility studies and even plans to extract petroleum from oil-bearing shale, shale deposits which contain petroleum, according to local newspapers.
Their pre-feasibility studies state that it would cost around 350 MNT to produce one liter of high quality (Euro-4 Standard of European emission standards for light commercial vehicles) diesel. When transportation costs, taxes, turnover, and other factors are added to the production, the fuel could be sold at a maximum price of 1,000 MNT per liter.
The relevant companies said that all they need from the government to produce cheaper high quality fuel is a business-friendly environment that supports the use of high tech equipment, and meets health and safety regulations.
According to the Deputy Minister of Mining, O.Erdenebulag, the American method of extraction will be used to produce fuel from oil shale. He added that the Ministry is planning to create a production contract in the near future which will make it possible for Mongolia to use domestically-produced fuel within the next two years.
If all goes well, the production cycle can start which will make it possible to produce 6,700 tons of fuel, petroleum products, natural gas, and other synthetic materials by 2018, mentioned O.Erdenebulag.
The trial factory is most likely to be built in Tuv (Central) Province or Dornogobi Province which is already a hotspot for foreign investors due to the giant OyuTolgoi mine. The full mine and extraction factory facility is estimated to require around four billion USD. The companies even estimated how much they would contribute to the state through taxes, which is around 850 million USD per annum.
The project is estimated to create 5,000 job positions directly and indirectly, according to Genie Oil & Gas. The company has oil shale factories in Colorado, USA and Israel through its wholly-owned subsidiary, Genie Energy.
The oil shale processing factory will allow Mongolia to meet its own fuel demand as well as provide an opportunity to export value-added goods which will affect Mongolia’s economy very favourably.
“Producing fuel from oil shale is much cheaper than extracting fuel from coals,” said the Minister of Mining, D.Gankhuyag.
Experts in this matter have said that if Mongolia builds its own petroleum processing as well as an oil shale factory, it would be as if you had a Khos Mori (pair of horses). Mongolia doesn’t have much practical knowledge and experience when it comes to oil shale production besides theoretical. Therefore, plans to send trainees to study shale in the USA and France are being made. If the contract for oil shale production is made, the companies will take care of training specialists.
furthermore....it spoke of Total in the article.... if I am not mistaken...Total and Genie are going to partner up on this Mongolian venture....nice to be involved with them
Minister of Mining has agreed to build trial oil processing plant with “Genie oil & Gas” company so that the oil product can be used by 2014-2015. If the trial plant becomes successful, it could possibly produce 6,700 tonnes of oil product, and some natural gas, oil, gas, synthetic gas. The plant needs USD 4 billion in financing. Genie Oil & Gas (U.S.) have researched in some regions (Dundgobi, Gobi-Altai, Dornod aimag etc.,) and considering to build the plant either in Tuv aimag or Dornogobi aimag.
again the reason I even found GNE was because I was researching an energy play in Mongolia that they will possibly need to purchase power for the plant from....Mongolia is not a country to invest in for the weak stomach....there are political issues, as they are a young democracy, with young politician and corruption happens in this country...they have the world's next largest mine to Norlisk....the mine in Mongolia is called OT run by Rio Tinto...of which has had a few problems and negotiations with the government recently as they are trying to open... however cooler heads should prevail as the country of 3 million people will all be millionaires by the end of the decade...if they just plan it properly...this country is resource mega rich...Genie knows it.
Thank you for that. Is GNE now waiting for an environmental permit
or have they already started work?
I think they have been given a license already
http://www.bloomberg.com/news/2013-02-21/israel-awards-first-license-to-drill-on-golan-heights-to-genie.html?cmpid=yhoo
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