Signs of hydrocarbons at Ofek 2 well

Globe Exploration reports substantial signs of gas and condensate in the target strata.

Globe Exploration LP (TASE: GLEX.L) today reported that substantial signs of hydrocarbons have been found in the Ofek 2 well. "The well has reached the target strata, Permian strata at a depth of 6,460 meters. In the Permian strata, verification logs have been conducted, as detailed below, on the basis of which the partnership has concluded that substantial signs of hydrocarbons have been found in the strata," the company stated.

The net thickness of the hydrocarbon-bearing strata is 50 meters. The types of hydrocarbons found are natural gas and condensate.

Globe Exploration says that the logs conducted were sent for analysis by an expert with extensive experience in oil and gas exploration. The expert concluded that there were substantial signs of hydrocarbons. The findings fit with the signs of hydrocarbons previously found in the David 1 well.

Globe Exploration says that this is not a commercial discovery. It has decided to conduct production tests, at a cost of $2.5 million, but it currently lacks the money to carry them out.

Published by Globes [online], Israel business news - - on November 3, 2013

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

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