In September, Shemen Oil announced that there were signs of high quality oil at Yam 3, when the well reached its target strata at a depth of 5, 700 meters.
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 email@example.com.
Shemen Oil and its partners invested $150 million in the Yam 3 well, and another $24.4 million in the production tests.
Seismic studies by Netherland Sewell & Associates Ltd. (NSAI) indicated a best estimate of 120 million barrels of oil in the license prospect, and a 36% chance of finding 1.8 trillion cubic feet of natural gas.
Shemen Oil raised NIS 120 million at a value of NIS 700 million in its IPO in in November 2011, well below the value it had hoped to achieve.
Shemen Oil chairman Gabi Ashkenazi, a former IDF chief of staff, and CEO Yossi Levy, the former CEO of Tamar partner Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) recently declined to exercise 605, 000 warrants that had matured. They received the options at no cost. In a statement at the time, the company said, “Ashkenazi and Levy did not exercise the Series 4 warrants following an unequivocal legal opinion that they were party to inside information that was liable to influence their decision to make this purchase.”
Published by www.globes-online.com