NEW YORK, April 13, 2011 /PRNewswire-FirstCall/ -- Energtek
Inc. (Pink Sheets: EGTK) , a leader in hi-tech natural gas
solutions and Adsorbed Natural Gas (ANG) technology, announced
today that the company has completed the required preparation of
plans for an explorative drilling in the block licensed to Energtek
in Southern Israel. The completed
plans have been submitted to the relevant local authorities for
obtaining the permissions to execute the drilling.
As previously reported, the company is progressing in its plans
towards drilling a shallow gas well (800 feet) in the licensed
block. This well targets a reservoir with estimated recoverable gas
resources of approximately 1.7 BCF (Billion Cubic Feet). At the
reservoir there is already penetrated a well that enables a stable
production of small gas quantities.
The geological team has similarly identified three additional
natural gas reservoirs in the licensed block. The prospective gas
resources from the identified reservoirs may total 4 BCF, a
quantity that would be valued over 15 millions of dollars at
current market prices. The geological team advances in the work for
identification of such additional reservoirs in the block.
Energtek plans to sell the natural gas extracted from the
reservoirs on an ongoing basis to industrial consumers in the area,
utilizing its proprietary mobile-pipeline system.
In parallel, Energtek continues works addressing the oil
reservoirs, the work-plan including further analysis of geological
data and preparation of prospects for drilling of deep oil targets.
Previous assessments have estimated that recoverable oil resources
may total approximately 20-40 million barrels. Such a quantity
could be valued around $ 2-4 billion
at current market prices.
"Energtek continues working to obtain maximum quantities of
natural gas from its own sources, which will then be sold to local
industrial energy consumers using Energtek's mobile transportation
and supply solutions," said Lev
Zaidenberg, CEO of Energtek. "We believe that this process
that will lead towards the generation of revenues in Israel, in addition to our ongoing revenue
generating activities in other countries."
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 http://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
+1-212-999-6202
SOURCE Energtek Inc.