Israel

Brownstone Ventures Inc., Toronto, signed letters of intent to earn a 15% participating interest in the Yitzhak and adjacent Gabriella licenses in shallow water off Israel from Adira Energy Corp., a unit of AMG Oil Ltd. of Ontario.

By OGJ editors
HOUSTON, Nov. 2
– Brownstone Ventures Inc., Toronto, signed letters of intent to earn a 15% participating interest in the Yitzhak and adjacent Gabriella licenses in shallow water off Israel from Adira Energy Corp., a unit of AMG Oil Ltd. of Ontario.

Yitzhak is centered 17 km off Israel between Netanya and Hadera and covers 31,555 acres in 150 m of water. Gabriella is 10 km off Israel between Netanya and Ashdod and covers 97,000 acres in 80-120 m of water.

AMG Oil holds the Eitan, Gabriella, and Yitzhak licenses that total 160,550 acres.

Brownstone has been advised by AMG that the Delta-1 well was drilled in the 1970s on Yitzhak to 4,423 m in Upper Jurassic. Drilling stopped above the oil encountered in Jurassic Bathonian age limestones at 4,894-4,955 m in the Yam Yafo-1 well and at 5,315 m in the Yam-2 well in the early 1990s. After Delta-1 was drilled, seismic mapping demonstrated a structural high extending from Delta-1 to the oil discoveries at Yam Yafo-1 and Yam-2.

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