Israel Opportunity Strikes New Gas Offshore Israel

Israel Opportunity Energy Resources has said that Pelagic natural gas fields off the coast of Hafia may hold 6.7 trillion cubic feet (TCF) of gas. There is a probability that Pelagic might contain a further 13.5 TCF of natural gas.

The probability of success of recovering oil or gas from the deeper strata ranges from 5.3% to 12.3%.

Pelagic consist of five licenses: Aditya, Ishai, Lela, Yahav, and Yoad and is spread over 500,000 acres. The company owns 10% of the licenses, Beny Steinmetz and Teddy Sagi each own 42.5%, and Norway's AGR Group Inc. owns 5%.

"We are preparing for the first well," Israel Opportunity CEO Eyal Shuker said, reported Globes.