Energtek Completes Evaluation of Gas Reservoirs in Licensed Block
March 10 2011 - 7:00AM
Marketwired
Energtek Inc. (PINKSHEETS: EGTK), a leader in hi-tech natural gas
solutions and Adsorbed Natural Gas (ANG) technology, announced
today that it has completed an evaluation of gas reservoirs in the
licensed block in Southern Israel. The evaluation was performed
following the successful production test, as reported in December
2010, of the NirAm Gas1 well.
Based on the analysis of seismic and geophysics data as well as
a detailed analysis of the results of the production test, the
geological team estimated that the recoverable gas resources
(contingent resources) of the reservoir at which the NirAm Gas1 was
drilled amount to 1.7 BCF (Billion Cubic Feet). In addition, the
geological team identified three similar natural gas reservoirs in
the Nir-Am block. Prospective gas resources from the identified
reservoirs may total as much as 5 BCF.
Should these amounts be attainable, they would represent at
current market prices tens of millions of dollars. The utilization
of Energtek's technologies and know-how would enable the provision
of the extracted gas to industrial consumers, significantly
increasing the sales value of the extractable gas.
In particular, Energtek has already initiated engineering and
regulatory activities for a local energy mobile supply project
based on the Natural Gas reserves from the Nir-Am Gas1 well. The
company has also reported that significant quantities of oil may be
present at the Nir-Am block, which is officially licensed to
Energtek for oil and gas exploration and exploitation.
"We are very pleased with the results of the evaluation," said
Former Minister of Infrastructure and Energtek Chairman Eliezer
Sandberg. "In the present economic and geopolitical conditions, it
is of utmost importance to promote the utilization of every
indigenous source of natural gas and oil in Israel, especially
those that are close to the energy consumers. The importance of
these sources in the forthcoming years cannot be
overemphasized."
About Energtek (EGTK) Energtek develops and applies innovative low-pressure
mobile transportation solutions for industrial consumers and fleets
of small vehicles. The company is also involved with oil and gas
exploration in Israel. Energtek operates subsidiaries in North
America, Europe, Asia and the Middle East. To learn more about
Energtek, visit www.energtek.com
Forward-Looking Statements This release
contains forward-looking statements within the meaning of the
Securities Exchange Act of 1934, as amended. All forward-looking
statements are inherently uncertain as they are based on current
expectations and assumptions concerning future events or future
performance of Energtek and its technologies. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which are only predictions. In evaluating such statements,
prospective investors should review carefully various risks and
uncertainties identified in this release and other matters set in
Energtek's filings. These risks and uncertainties could cause
actual results to differ materially from those indicated in the
forward-looking statements.
Contacts: Investor Relations IR@energtek.com
212-999-6202
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