Avenue Group Underscores TRACS Reserve Report for Heletz Field in Israel

Avenue Group has issued the following update pertaining to the Heletz Field in southern Israel.

TRACS Report

Avenue has announced the outcome of the TRACS SPE compliant, independent Reserves and Resource evaluation and audit of the Heletz Field, Israel. The report covers the Cretaceous reservoirs, which form the main historical production horizon. Exploration potential in the Lower Jurassic limestone were outside the scope of the TRACS mandate and were therefore not included in the TRACS evaluation.

Based on a re-evaluation of historical production data from the field, including over 17 Million barrels of oil (bbl) produced from over 90 wells drilled since the field was discovered in 1955, TRACS calculated a mid-case (P50) original oil-in-place for the field of 94.4 Million bbl, with a range from 52.7 (P90) to 164.4 Million bbl (P10).

This is a significant increase over the previously quoted figure of 50 Million bbl and reflects the TRACS view "that there is considerable remaining potential in the Heletz field.''

TRACS have calculated the currently established gross field remaining recoverable reserves on a 1P (Proven reserves) and 1C basis (Contingent Resource) at 1.465 Million bbl, with 462,000 bbl being booked as P1 reserves and 1.003 Million bbl booked as C1.

The 2P reserves (Proven plus Probable) and 2C resource were calculated at 4.494 Million BO, with 974,000 bbl being booked as P1 reserves and 3.52 Million bbl booked as 2C resource.

The 3P reserves (Proved plus Probable plus Possible) and 3C resource were calculated at 10.438 Million bbl BO, with 1.87 Million bbl being booked as 3P reserves and 8.568 Million bbl booked as 3C resource.