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Genie Energy said that the government of Israel has awarded its subsidiary, Genie Israel Oil and Gas, Ltd., an exclusive petroleum exploration license covering 153 square miles (396.5 square kilometers) in the Southern portion of the Golan Heights.
Genie Energy is currently developing two oil shale projects - one in Israel's Shfela Basin and the other in Colorado's Piceance Basin. The Company believes, based on its preliminary analysis and interpretation of existing geological data, that the newly issued license area may contain significant quantities of conventional oil and gas in relatively tight formations, the development of which would entail significantly different technical approaches and project timelines than the other projects. Genie Energy intends to conduct an exploration program to further investigate the size and quality of the resource in the new license area.
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