JERUSALEM, Sept. 19, 2016 /PRNewswire/ -- Afek Oil and
Gas Ltd., (Afek), holder of an exclusive oil and gas exploration
license in Israel's Golan Heights,
announced today that it is conducting drilling and related
operations for the Mei Golan Water Cooperative - a water
cooperative of agricultural settlements on the Golan Heights - to
develop a water resource in the Golan Heights.
While pursuing its exploration program in 2015, Afek encountered
high quality water during the drilling of Nes 12, an oil and gas
exploratory well, at a relatively shallow depth (~150
meters). Upon completion of activities at the site, the
company provided the National Water Authority with the right to
access and utilize its well.
The Golan Heights has suffered from a sustained drought in
recent years, and a new water resource would be welcome news for
local farmers struggling to obtain sufficient water to meet their
irrigation requirements.
Because of its extensive knowledge of the region's geology,
equipment and drilling expertise, Afek was subsequently selected by
Mei Golan as the lead contractor to
drill and develop a water production well at the site.
"As we analyze the data collected from our exploratory drilling
and well-flow tests and prepare for the next steps in our oil and
gas exploration program, we are pleased to put our expertise and
capabilities to work in an effort to bring more water to the people
and farmers of the Golan Heights," said Geoff Rochwarger, CEO of Afek's Exploration
& Production business.
"We remain keenly focused on our goal of developing a commercial
oil and gas resource in the Golan Heights. Nevertheless, it
is also clear that additional opportunities to utilize our
capabilities will arise from time to time. We intend to
undertake additional work when consistent with, and complementary
to, our primary objective - as is the case here," Rochwarger
added.
Afek's participation in the water development project is
expected to continue for approximately 30 days, and is not expected
to materially impact Afek's financial results.
About Afek:
Afek Oil and Gas Ltd., (Afek), is a
subsidiary of Genie Energy Ltd., (NYSE: GNE, GNEPRA). Afek is
conducting an oil and gas exploration project in Northern Israel pursuant to an exclusive
exploration license issued by the government of Israel, along with other smaller
operations. For more information, visit
http://afekoil.co.il/en/#.
Forward Looking Statements:
All statements above
that are not purely about historical facts, including, but not
limited to, those in which we use the words "believe,"
"anticipate," "expect," "plan," "intend," "estimate," "target" and
similar expressions, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
While these forward-looking statements represent our current
judgment of what may happen in the future, actual results may
differ materially from the results expressed or implied by these
statements due to numerous important factors. Genie Energy Ltd.'s
filings with the SEC provide detailed information on such
statements and risks, and should be consulted along with this
release. To the extent permitted under applicable law, Genie Energy
Ltd., assumes no obligation to update any forward-looking
statements.
Contact:
Genie Energy Investor
Relations
Bill
Ulrey
P: (973) 438-3848
E-mail:
invest@genie.com
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SOURCE Afek Oil and Gas Ltd.