Isramco reports that the Atwood Southern Cross semisub spudded the Gad-1 exploration well on September 25, 2005 offshore Israel. The well is located in approximately 100 meters of water and the planned well depth is 2,600 meters. The target production is natural gas.
The timetable for drilling operations is approximately 30 days. Once the target depth is reached it will be determined if a flow test will be performed at that time. The project is budgeted at an estimated US $16.7 million.
Modi'in Energy owns 0.42105% of the project. As previously disclosed, Ness Energy is indirectly holding, through other corporations, 90% of the General Partner of Modi'in Energy. Ness Energy also, on a consolidated basis, presently owns 14.93% of Modi'in Energy. Isramco is the operator of the well.
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