AGR of Norway Reports Large Gas Find Offshore Israel

Noway-based operator AGR has reported “significant signs of hydrocarbons” were found offshore Israel at its Aphrodite-2 exploration well in the Ishai license.

The preliminary tests clearly indicated the existence of natural gas at the well however project partner Israel Opportunity Energy Resources stated licensees would not carry out production tests. According to Israeli business daily Globes, Israel Opportunity CEO Eyal Shuker said while the company is pleased with the find, it is necessary to wait for the external assessor’s report that is due in two months time, in order to confirm the size of the discovery.

"A gas discovery at the Ishai license, which borders the Cypriot Aphrodite structure, is important for us, and when we receive the external assessor's report about the well, we intend to review the remaining stages. The ultimate goal is to bring Israeli gas to Israel and the Israeli people for domestic use and exports," said Shuker to Globes.

The well was drilled to a depth of 5,652 meters including a water depth of 1,107 meters and encountered a 15 meters of gas-bearing layer in lower Miocene sands.

License partners are AGR (5 percent), Israel Opportunity Energy Resources (10 percent), Nammax Oil & Gas (42.5 percent), Frendum Investments (33.5 percent) and Daden Investment (9 percent).