Shemen finds oil at Yam 3

Shemen Oil and Gas says that the oil at the Yam 3 well off the coast at Palmachim is of high quality.

Shemen Oil and Gas Resources Ltd. (TASE: SOG) has discovered oil at the Yam 3 well. The company announced today that, on Saturday, signs of oil were found at a depth of 5,175 meters below sea level, and that the quality of the oil was high. The net thickness of the target strata is 68 meters.

Shemen Oil added that the well operator, Caspian Drilling Company Ltd., carried out logging while drilling and chromatograph mud logging tests and that when the well reached a depth of 5,700 meters, it carried out open-hole wireline logging. The tests include examination of the characteristics of the reservoir's rocks.

Caspian Drilling Company notified its partners in the license that it carried out these tests, the results of which indicated the possibility of finding oil in the strata. The well operator provided the licensees the results and their analysis about the presence of significant signs of oil at the well.

Shemen Oil said that the data obtained from Caspian Drilling Company were examined by logging analysts and a geologist experienced in oil and gas exploration whom the licensees hired as a consultant for the project.

Published by Globes [online], Israel business news - www.globes-online.com - on September 8, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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