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Energtek to Drill for Natural Gas in Licensed Block

Source: www.gulfoilandgas.com 3/28/2011, Location: Middle East

Energtek Inc., a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced that its geological team has recommended drilling coordinates for extraction of natural gas, on the block licensed to the company in Southern Israel.

The identification and recommendation of specific drilling coordinates followed the completion of a thorough evaluation on potential gas reserves at the Nir-Am block, as reported earlier this month.

The geological team estimates that recoverable gas resources (contingent resources)-in the specific reservoir where drilling will take place-amount to 1.7 BCF (Billion Cubic Feet).

Energtek is currently in the process of carrying out the organizational activities necessary to perform the drilling. Drilling at the Nir-Am block is expected to commence in the coming months.

"Energtek is continuing to advance efforts to extract its own source of natural gas, and then transport and distribute to local industrial energy consumers," said Energtek's CEO Lev Zaidenberg. "This is an additional step in a process that should generate revenues in Israel for our company in the coming quarters, in addition to our ongoing efforts to advance revenue generating activities in other countries."

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