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Replies to post #28075 on Zion Oil & Gas Inc (ZNOG)
NEWARK, N.J., Nov. 16, 2017 /PRNewswire/ -- Afek, the subsidiary of Genie Energy Ltd. (NYSE : GNE , GNEPRA) conducting an oil and gas exploratory program in Northern Israel, today announced that preliminary analysis of results from its completed Ness 10 exploratory well in Northern Israel suggests that the well's target zone does not contain commercially producible quantities of oil or natural gas.
Regarding findings from the Ness-3 site, where testing began in February, the company said that the site did not produce an amount of hydrocarbons that would be sufficient for commercial production, though noted that they learned important information for future testing. Still, initial results from analyses so far “suggest that there may be a large reservoir of natural gas,” as well as “significant amounts” of light, concentrated oil.
On May 10, the company announced that it had received a license extension which will allow work to continue until April 9, 2017.
Although the company reports finding evidence of hydrocarbons and/or gas in all the sites drilled so far (some in the form of liquid oil), the presence of water and the low permeability in the hydrocarbon and gas carrying strata made it difficult to extract viable amounts of liquid oil and gas under current permit restrictions. Reviewing its data, Afek has already announced that it does not plan to resume actual drilling before the Q4 2016, Q1 2017.
Givot did not Frac the well in the sense that we understand the current massive frac operations in Texas and N Dakota. In another sense, we have a number of smaller fracking process options that Givot may have (and likely) employed. I’m not sure on that.
AI
