Israel

Avenue Group Inc., New York, said its Avenue Energy Israel unit signed a letter of intent with an Israel-based investment group that would finance redevelopment of Heletz oil field in Israel.

By OGJ editors
HOUSTON, June 30
– Avenue Group Inc., New York, said its Avenue Energy Israel unit signed a letter of intent with an Israel-based investment group that would finance redevelopment of Heletz oil field in Israel.

Israel Group is to contribute up to $5 million towards the development to earn a 32.5% interest in the field. The agreement is subject to closing conditions.

Avenue Energy Israel holds a 75% interest in the Heletz-Kokhav license and 75% interest in the Iris license which contain the oil field. The field, which has produced more than 17 million bbl of oil since discovery in 1955, is judged to have 10.438 million bbl of proved, probable, and possible recoverable oil.

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