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Sarah drilling – failed. Investors abandoning

The three companies who invested nearly $ 50 million in 'Sarah' drilling announced to the Stock Exchange: "A commercial quantity was not found in the drilling, and so it was decided to abandon the bore well"
Avi Glick, Behadrey Haredim, ו' חשון תשע"ג 22/10/2012 12:28

קידוח בחיפוש אחר נפט וגז Oil drilling. Photo: Yitzchak Lev-Ari and Eliyahu Cohen

The 'Sarah' boring in which so far $ 48.5 million has been invested, was finally abandoned after investors gave up on the chance to find a commercial quantity of natural gas in it.

License holders, 'Energy Preparation' of Ofer Nimrodi which holds 46.5%, Modiin Partnership which holds 34.8% and IPC which holds 13.6% hoped to find 0.8 trillion cubic feet of natural gas (TCF), but preliminary findings gathered from the target layer of the boring were disappointing, and no significant signs of gas were found in them.

The partnerships reported to the stock exchange today that "From an analysis of drilling results and according to information received from the operator, no commercial quantities of hydrocarbons were found, and so it was decided to abandon the bore well."

However, they made sure to qualify that "Log results together with high quality sands found in drilling, may indicate that there is an active system of hydrocarbon in the license area. The operator analyzes the geological data collected during drilling, including log data, and this information will allow examination of potential resources oil and gas in the license area and examining additional exploration drilling by license in the future. "

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