Modiin Energy Raises Yam Hadera Oil, Gas Estimates

Modiin Energy has reported that Israel's Yam Hadera offshore prospect has a best estimate of 208 million barrels of oil in unrisked gross prospective resources, and 3.4 trillion cubic feet (TCF) of natural gas, Globes has reported.

The oil estimate is 57% more than in previous estimate of 133 million barrels of oil, and the gas estimate is 146% higher.

The company wholly owns the rights to the 400-square kilometer Yam Hadera license, located 30 kilometers west of Hadera, Globes said.

Modiin Energy co-CEO Ron Maor said, "These are excellent results indicating a greater potential than the previous estimate. The license has been shown to be an important asset for the partnership, which wholly owns the rights to it. We are updating the work plan for the license, in cooperation with the Petroleum Commissioner, including extending the license period and bringing in partners."