Resource estimate hiked for Israel nearshore license

Modi’in Energy LP has published a resource report that revises upwards the best estimates of gross recoverable prospective oil and gas resources on the Yam Hadera license in the Mediterranean offshore Israel.

Adira Energy Ltd., Toronto, has an option to purchase as much as a 15% participating interest in Yam Hadera until 14 business days before the signing of a rig contract for the license.

Modi’in, in a public disclosure dated July 17, said consultants Netherland, Sewell & Associates Inc. estimated the prospective resources at 208 million bbl of oil, revised upward from 133 million bbl, and 3.4 tcf of gas, revised upward from 1.4 tcf. Geologic probabilities of success are 17-29% for different horizons.

The report is based on reinterpretation of seismic data relating to the northern closure of the license, but there is no certainty that any resources will be discovered or commercial produced, Adira noted.

Yam Hadera lies 30 km off Israel between Hadera and Haifa contiguous and directly northwest of Adira’s Gabriella and Yitzhak licenses.

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