Connect with us

Hi, what are you looking for?

Jewish Business News


Signs of gas at Yam 3 Shemen reports

The well operator notified Shemen Oil that the logging results apparently indicate a natural gas discovery.


Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

/ By Yossi Nissan /

Shemen Oil and Gas Resources Ltd. (TASE: SOG) announced on Saturday night that substantial signs of natural gas had been found at the Yam 3 well, offshore from Ashdod. The company said that the well had reached a depth of 4, 740 meters (including the depth of the water) and that wireline logging indicated substantial signs of natural gas.
Shemen Oil owns 78% of the Yam 3 well.

Shemen Oil said that the well operator, Caspian Drilling Company Ltd. notified it that the results apparently indicate a natural gas discovery in the strata. “These preliminary results were given to the licensees by the operator, and they satisfied the licensees that there are signs of substantial natural gas in the well, ” said the company.

Shemen Oil said that it was premature to assess the quantity of natural gas in the well, or whether it was worthwhile developing the gas field. Production tests have not yet been carried out. The starting depth of the gas-bearing strata is 3, 440 meters below sea level, and the net thickness of the gas-bearing target strata is 11 meters.

Shemen Oil said that the gas-bearing strata were the well’s secondary target, and that the well had not yet reached its final depth. The well operator will continue drilling to the primary well’s oil-bearing strata, located at a depth of 5, 280-5, 800 meters.
Shemen Oil CEO Yossi Levy said, “We are continuing to drill to the oil-bearing strata located 500 meters from the start of the primary target strata, where signs of oil were found by the Yam 2 well, 22 years ago.”

Shemen Oil, run by Levy and chairman Gabi Ashkenazi, a former IDF chief of staff, has been drilling the Yam 3 well, located 16 kilometers west of Ashdod, since December 2012. According to Netherland Sewell & Associates Ltd. (NSAI), there is there is a potential discovery of 120 million barrels of oil at the well, and a 35% chance of discovering 1.8 trillion cubic feet of natural gas in the shallower strata.
Published by 



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.