Ness Energy Acquires Acreage in the Dead Sea
Ness Energy International has acquired a 30,000 acre lease in the South West area of the Dead Sea. The lease is under the highly-prolific shallow Zoar gas field, which has produced approximately 80 billion mcf of gas to date. The lease covers all zones from the base of the producing Zoar formation, which is approximately 5,000 feet deep. There are at least five gas or oil potential pay zones from the base of the zone to the basement. The acquisition furthers the company's strategy of acquiring and developing properties with the potential to generate significant cash flow.
"We are excited to have the opportunity to pursue this high-impact property," said Hayseed Stephens, Ness Energy's CEO. "This acquisition demonstrates the growing momentum that our Israeli activities are generating. We believe that the South West area of the Dead Sea is the premier on-shore location for oil and gas exploration and development in Israel. As the Mid-east now begins its transition process, we feel that energy will play an important role in shaping the region's dynamics. This is why it is so important for Ness Energy to accelerate its exploration activities in Israel, as the timing has never been more critical."
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