RUTHFULLY YOURS

As an Oilman, Moses is making a comeback. For decades some have been complaining if Moses had only made a right turn after he led the Israelites across the Reed Sea the Jews would have the Oil, the Arabs would have the desert and the world would be much better off.

Well that seems to be changing. Last January a major supply of natural gas was found off the coast of Haifa, Israel’s major port city. In December, a significant quantity of oil was discovered near Rosh HaAyin, a city located east of Tel Aviv on the western edge of Samaria.

Announced today was two different finds of Natural Gas off the coast of Israel. For the Mira Prospect, the best estimate of gross prospective sales gas resources is 4.24 TCF (trillion cubit feet)  and for the Sarah Prospect, the best estimate is 1.47 TCF. The high range is 7.34 TCF

The Canadian Bontan Oil and Gas Company, which has been exploring for natural gas off the coast of Israel made the announcement. As defined on the company’s Web site, prospective resources are “those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. “

The Canadian company “will have an indirect 71.625% interest in these prospects via its 75% equity interest in the Israel Petroleum Company which has acquired a 95.5% interest in the drilling licenses as well as an adjoining exploration permit from the current operator subject to approval by the Government of Israel,” a press release on its Website announced.

The evaluation report, conducted by Chapman Petroleum Engineering stated, “Based on our analysis, after consideration of risk, we have concluded that the potential of these prospects is of sufficient merit to justify the work program being proposed, and we therefore recommend and support the Company’s participation.”

…The Mira Prospect is a large structure mapped with 2D seismic and targeting the same reservoir zone as the Tamar Field discovered in 2009. The Tamar Field is approximately 30 miles directly to the north of the Mira Prospect with reported reserves of 7.7 TCF. The Sarah Prospect is another structure mapped with 2D seismic. It is on the same trend and targeting the same reservoir zone as the recent Dalit discovery well drilled in 2009, approximately 10 miles due north. Reported reserves for the Dalit Field are 0.5 TCF.

The Mira and Sarah Drilling Licenses are adjoining blocks located 30 to 60 miles offshore Israel within the Eastern Mediterranean Sea. They are each 154 sq. mi. in size and to date no exploratory drilling has been done on either block. A 3D seismic program was completed on the entirety of both blocks in late 2009 and is currently being processed for interpretation.

Kam Shah, CEO of Bontan, commented, “The Company is very pleased with the results of the Evaluation Report on these offshore Israeli prospects. This independent technical assessment confirms that these exploration blocks are indeed world class assets and completely justify the Company’s investment of time and capital in this highly significant project. A review of global exploration discoveries in 2009 just published by the American Association of Petroleum Geologists also reported that the recent offshore Israel natural gas discoveries were among the most significant in the world. This independent technical report places the Company’s prospects in the same geological setting as the 2009 offshore Israel discoveries. Our next step is the completion of the processing and interpretation of the 3D geophysical survey acquired over the Mira and Sarah drilling licenses. Firm drilling locations can then be selected on both prospects and application made to the Government of Israel to commence an exploratory drilling program.” 

 Now if we can only get the President of the United States to tap America’s reserves. The US would no longer need to import energy, and the President would no longer have to bow before the King of Saudi Arabia.