| Hi, January 31, 2010 |
| Oil Discovered in Northern Israel |
|  In case anyone missed it last summer, oil has been discovered in Northern Israel. We're not waiting for an oil discovery - it's already happened! The oil has been/is being produced and sold. What's more, the exploration company, Givot Olam, based its search for oil in Israel on Scripture. That's right, oil has been discovered in Israel, based on Bible passages predicting the discovery and its location. The same Bible (Torah) passages used by my father, Jim Spillman, back in 1981 in his book, The Great Treasure Hunt . The same passages Zion Oil & Gas Founder John Brown heard Dad teach on a Zion Temple in Michigan thirty years ago and took to heart. Included Jacob's Blessing, recorded in Genesis 49 and Deuteronomy 33, is the prophecy of a last days oil discovery. Jacob's descendants will be blessed from the "deep that coucheth beneath"; "for the chief things of the ancient mountains, and for the precious things of the lasting hills, and for the precious things of the earth." Issachar and Zebulun "shall suck of the abundance of the seas and of treasures hid in the sand." Asher will "dip his foot in oil." The prophecy of oil in Israel isn't going to be fulfilled someday - it is being fulfilled as we watch! A January 13 Globes Article follows progress at Givot Olam's Meged 5 well site; I'll share a few excerpts here: "Givot Olam Oil Exploration LP (TASE:GIVO.L), which is currently fracing (hydraulic fracturing) sections of its Meged 5 well and carrying out production tests, is seeking to cool investors' enthusiasm after yesterday's flare at the wellhead, which indicates the presence of fuel at the well. The scale of production, if any, is unknown, but the flare is a routine procedure during production tests." "A few months ago, Givot announced that production tests conducted during the summer produced an average of 382 barrels of oil a day. Fracing is now underway in sections 1-6 of the borehole to speed up the production rate, and production tests are underway of sections 7-8." |
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| Dead Sea Well Approved for Drilling |
Shahar prospect gets nod for drilling. The well, due to begin drilling in the second quarter, is targeting oil-bearing strata at a depth of 3,300 meters.
Globes 31 January 11 12:22, Yael Gruntman
The Southern Regional Planning and Building Commission has approved the drilling of the Shahar 1 well, scheduled to begin in the second quarter of 2010. The well will drill to deep oil-bearing target strata.
Ginko Oil Exploration LP, which fully owns the license, has two positive opinions about the amount about the amount of oil in the license area: one by Dr. Haim Fliegelman, who estimates 260 million barrels of oil, and a second by UK consultancy firm Simco Petroleum (Management) Ltd., which estimates 9-138 million barrels of oil in the target strata.
At the current price of oil of $90 per barrel, the high-end estimate of 260 million barrels of oil is worth $23.4 billion, and the mid-range estimate of 41 million barrels of oil is worth $3.69 billion. Either way, the field has huge potential.
The Shahar license covers 389,000 dunam (97,250 acres) south of the Arava junction at the southern end of the Dead Sea valley. The Shahar 1 well will drill to 3,300 meters at a cost of $9 million. Lapidoth Israel Oil Prospectors Corporation Ltd. (TASE: LAPD) will probably be the well contractor.
Ginko, which owns the Shahar license, is in the final stages of merging with stock market shell Simcha Urieli & Sons Engineering & Construction Co, Ltd. (TASE: UREL), after Urieli's shareholders approved the merger agreement last week.
Israel Approves Doubling Oil & Gas Taxes
Published: January 23, 2011
JERUSALEM -- The Israeli government on Sunday approved a near doubling of the profit tax on gas and oil extracted from its territory, a move of considerable significance in the wake of recent offshore gas discoveries expected to be worth tens of billions of dollars.
The cabinet voted overwhelmingly to accept the recommendations of a government committee to tax energy profits between 52 and 62 percent and to set aside a special fund from the income aimed at a range of public needs.
"I intend to establish a fund for Israel's future that will be devoted to education and security," Prime Minister Benjamin Netanyahu said at the cabinet meeting. Parliamentary approval is considered a certainty, but debate will doubtless occur on the priorities of the new fund.
In the past few years, about 25 trillion cubic feet of natural gas have been discovered off Israel's northern shore, enough to turn it from a vulnerable energy importer into a robust exporter. In recent weeks, exploration companies have announced a 20 percent likelihood of there being four billion barrels of oil under the gas, which could prove still more significant. (read full article ...)
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| Exploration News |
| 1/05/2011
1/05/2011
12/16/2010 12/16/2010
11/3/2010
11/3/2010
8/19/2010 |
| Israel/World News |
| 6/10/2010 6/10/2010 |
| Resources |
| 3/28/2010 10/11/2008
Mandelker's "Biblical Treasure Hunt"
Breaking The Treasure Code:The Hunt for Israel's Oil "If you haven't read this important book yet, get it read it and watch the news as prophecy unfolds ..." (read more)
The Great Treasure Hunt by: Jim Spillman Would you like to know:
Where the greatest treasure in the world is buried?
Why Russia will attack Israel?
The secret behind the battle of Armageddon?
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