Modiin Energy LP has updated resource estimates for the Yam Hadera field off Israel.
The best estimate of gross recoverable, prospective resources at Yam Hadera is 208MMbo (revised upwards from 133 MMbo) and 3.4 Tcf of natural gas (revised upwards from 1.4 Tcf of natural gas).
The geologic probability of success is 25-29% for the oil prospect and 17-29% for the gas. The estimates were prepared by Netherland Sewell & Associates Ltd. (NSAI), based on a 3D seismic survey of a 250-sq km area around the prospect's northern closure.
Tel Aviv-based Modiin Energy wholly owns the rights to the 400-sq km Yam Hadera license, with water depths ranging 500-1,000 m. The license is about 30 km off the Israeli coast, between Hadera and Haifa, and directly northwest of Adira Energy's Gabriella and Yitzhak license blocks.
Modiin Energy co-CEO Ron Maor said, "These are excellent results indicating a greater potential than the previous estimate. We are updating the work plan for the license, in cooperation with the Petroleum Commissioner, including extending the license period and bringing in partners."
Jeffrey E. Walter, CEO of Adira Energy, said: "The revised best estimate of gross recoverable prospective resources of oil and gas on the Yam Hadera license is encouraging as the improved estimates complement our existing portfolio of high-impact oil blocks in the proven oil trend offshore Israel and enables our shareholders to participate more significantly in the emerging oil story of the Eastern Mediterranean.”