Yitzhak Tshuva: Signs point to oil under the gas

"There are more than 100 years of reserves for Israel at Leviathan."

"Today is a holiday for every citizen of Israel. It's a day of joy," Delek Group Ltd. (TASE: DLEKG) controlling shareholder Yitzhak Tshuva said at a conference of Delek subsidiary Israel Phoenix Assurance Ltd. (TASE: PHOE1;PHOE5), referring to the results of the 2D and 3D seismic surveys of the offshore Leviathan structure. Tshuva then led the "shehehianu" blessing on new events.

Tshuva went on to say, "The results indicate that in addition to the gas, there are signs of oil at a greater depth. We have turned Israel into a great energy power."

Tshuva said, "Israel is energy independent. The results of the survey are very important; they are above and beyond. They mean that the future potential of Leviathan is more than double the Tamar discovery."

Tshuva added, "There are more than 100 years of reserves for Israel at Leviathan. Far more than the gas found before. Israel is completely energy independent. Thanks to the discovery, Israel will become a player in the global energy market, and will supply energy to many other countries." He said that the Israel will become a gas exporter.

Tshuva said that the Leviathan gas discovery was a national event. "The results will strengthen Israel's economy and guarantee its soundness. In today's hard times, Israel needs strengthening against the world."

Published by Globes [online], Israel business news - www.globes-online.com - on June 3, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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