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Bethel Finance news:
Ratio Oil Exploration (1992) LP , Isramco Ltd. , and Israel Petrochemical Enterprises Ltd. today announced that they will not develop Or offshore gas field, part of the Med Yavne license. The decision is based on an engineering feasibility study to develop the reservoir made by an international consultant, which found the reservoir not worth developing.
The Or discovery was a small one. In October, the partners announced that it has a best estimate of 42.4 billion cubic feet of natural gas with a 50% probability, according to Netherland, Sewell and Associates Inc. (NSAI). The Med Yavne covers 52 square kilometers in shallow water (700 meters deep) 39 kilometers west of Ashdod. It is north of Yam Tethys. Isramco, the well operator, began drilling in the license in October 1999. The exploratory well found gas-bearing sands in the Pliocene Yafo formation at a depth of 2,020 meters.
Isramco and its affiliates own 62% of the Or-1 license, Ratio owns 12.3%, Petrochemical Enterprises owns 5.5%, and Dor Chemicals Ltd. and its affiliate Dor Gas Exploration LP own 5.4%.
Isramco's share price rose 2.2% by mid-afternoon to NIS 0.46, giving a market cap of NIS 5.4 billion, Ratio's share price rose 4.5% to NIS 0.35, giving a market cap of NIS 2.5 billion, and Petrochemical Enterprises' share price rose 3.6% to NIS 7.10, giving a market cap of NIS 210 million.
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