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TomCo Energy re-commencement of oil production at Heletz, Israel

Source: www.gulfoilandgas.com 6/19/2008, Location: Middle East

TomCo announced the re-commencement of oil production at the Heletz Field in southern Israel, where TomCo acquired a 50% and a 25% interest in two licenses in April 2008. The Heletz Field, with an estimated Original Oil In Place (“OOIP”) of over 50 million bbls, was discovered in the 1950’s and produced around 17 million barrels of oil prior to production being shut-in in August 2007. TomCo and its operating partner believe that the field holds significant potential for additional infill drilling and secondary production, as well as having several high risk / high reward deeper exploration targets. The new operator, Avenue Energy Israel Ltd, has initiated a comprehensive technical re-evaluation of the field and has already identified a number of specific well work-overs and in-fill drilling targets. Planning is also underway for a new seismic data acquisition programme.

Meanwhile, two existing wells (Heletz-1 and Heletz-25) have been re-opened for production over the past 7 days, and are currently producing around 34 bopd in aggregate (17 bopd net to TomCo). Oil production is from three separate Cretaceous sandstones of the Heletz Formation, at depths of 1,496m to 1,532m. Water cuts are around 40%, and there is little or no associated gas. Three further wells are currently being tested and prepared for production, and are expected to come on stream in the next few days.

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