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AGR Hits Gas Shows off Israel

Source: www.gulfoilandgas.com 1/3/2013, Location: Middle East

AGR (the Operator) reports as follows: The Well has reached a depth of 5 652 meters from sea level (including water depth of about 1 707 meters). Based on examinations performed during the drilling of the Well, "significant signs of hydrocarbons" (natural gas) were found in the lower Miocene sands.

Additional information with respect to the Well, in line with Israeli regulations:
- Name of the Well: Aphrodite-2
- Date of the finding of the hydrocarbons signs: 02.01.2013
- Dept of the target top: 5187 meters below sea level.
- Net layer thickness: The thickness of the natural gas bearing layer is approximately 15 meters.
- Types of the hydrocarbons: Natural gas
- The types of tests (types of logs) that were performed for establishing the information regarding the existence of the significant hydrocarbons signs: The tests conducted at the Well included MWD (measurements while drilling) as well as Wireline Logs (including electrical, radioactive, magnetic and seismic tests), lithological tests (cuttings and side wall cores) and composition and pressure tests of gasses and fluids.

- The indications on how the corporation has reached its conclusion with respect to the credibility of the signs: The Operator has performed various tests as abovementioned and whose results attest that the said layers contain natural gas. These preliminary results and their analysis clearly indicate the existence of natural gas in the Well.

Warning: "It is clarified that the production tests have not been performed in the Well. The Natural Gas signs do not evidence an existence of the Discovery in its meaning according to PRMS rules or of the Discovery in its meaning pursuant to the Petroleum Law."

The rig drilling the Aphrodite-2 well has completed drilling the Well and is expected to plug and abandon the Well in the upcoming 2 weeks. After completing the Well, the operator will perform processing and evaluation of the information collected while drilling and logging.

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