Globe Exploration Ltd. Partnership (GLEXL.TV) said Wednesday that it will drill a second exploratory well in a natural gas field off Israel's central coast.
Globe Exploration Ltd. Partnership (GLEXL.TV) said Wednesday that it
will drill a second exploratory well in a natural gas field off
Israel
's
central coast.
The well will cost $5.1 million, Globe said, adding the current price of
natural gas justifies the expenditure.
According to tests in a previous exploration well, the field may contain up to
630 billion cubic feet of natural gas and has a 29.4% chance of geological
success.
The announcement comes a day after
Israel
's
government approved granting 550 million shekels ($160 million) to the
country's electric company to buy diesel as it will likely run out of natural
gas next month due to a halt in imported Egyptian natural gas.
Numerous incidents of sabotage over the past six months have closed the
pipeline that brings natural gas from
Egypt
to
Israel
, and
it is not certain when the gas flow will resume.
Israel
has
other large, off-shore natural gas reserves, but they will not be ready for
production until at least 2012.
Globe raised 47.7 million shekels in an initial public offering a year ago.
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