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Energtek Signs 3-Year Contract with Natgas

Source: 4/6/2012, Location: Middle East

Energtek Inc., a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced that the company's Israeli-based subsidiary GATAL Ltd. has signed a contract with Israeli Oil Producer Givot Olam to acquire ongoing quantities of associated gas (a class of natural gas) from the source near Tel Aviv, Israel.

The Megged 5 Field oil well is a few kilometers from Ben Gurion International Airport. According to the reports made public by Givot Olam the field is estimated to contain 120 billion cubic feet of gas (2C Estimate) in addition to realized oil resources. Givot Olam has a stable production at Megged 5 of several hundreds of barrels of oil a day; about 200,000 barrels were extracted since 2011. Aside from the existing resources, Givot Olam is planning additional drillings in the area, and there is the possibility of additional resources in the future.

GATAL will receive associated gas from Megged 5, and deliver to local energy consumers for a period of three years. Natural gas delivery is expected in approximately one year, provided GATAL receives necessary regulatory approvals.

Currently, associated gas at the site is burned as it is not currently feasible to transport the gas via pipeline infrastructure. Following implementation of the contract, GATAL will deliver gas produced from the Megged 5 site to local industrial consumers, through the implementation of Energtek's proprietary mobile transportation solution.

GATAL has entered into an investment agreement based on the contract with Givot Olam and for the execution of the said agreement.

"The signing of this contract with Givot Olam is extremely meaningful for Energtek," said Haim Aviv (Col., Res.), CEO of Gatal. "The contract proves the necessity of mobile transportation solutions in Israel, and demonstrates that our technology enables the commercial delivery of otherwise unusable sources of associated gas."

"Furthermore, Gatal is positioning itself as a significant player in the field of natural gas delivery," Aviv added. "Israel is soon coming online as a major producer of natural gas, but has underdeveloped pipeline infrastructure. Mobile transportation solutions will enable large and small industrial energy consumers to utilize available sources of clean burning natural gas."

"We welcome the signing of this agreement with GATAL, which will permit us to stop burning associated gas emitted during drilling, said Tuvia Luskin, CEO of Givot Olam. "The economy will benefit from associated gas production. We are hopeful that the appropriate approvals will enable the sale of gas along with our oil production, rather than burning it up without a worthy purpose."

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