NEWARK, N.J., Nov. 16, 2017 /PRNewswire/ -- Afek, the
subsidiary of Genie Energy Ltd. (NYSE: GNE, GNEPRA) conducting an
oil and gas exploratory program in Northern Israel, today announced that
preliminary analysis of results from its completed Ness 10
exploratory well in Northern
Israel suggests that the well's target zone does not contain
commercially producible quantities of oil or natural gas.
Afek continues to analyze the data from Ness 10 in the context
of the results of its prior drilling and other activities, and has
suspended oil and gas drilling operations in the interim. The
Company will make decisions about future operations when it has a
more complete picture of the results and analysis.
With the suspension of drilling operations, Genie Energy Ltd.,
plans to sharpen its strategic focus on its retail energy supply
business. The company recently announced a joint venture to
expand operations to the UK, and gained a foothold in the
commercial energy marketplace through the acquisition of a
Florida-based commercial natural
gas supplier.
"While we continue to study the data from Ness 10, we are
looking forward to pursuing the abundant opportunities on the
retail side of our business," said Michael
Stein, CEO of Genie Energy. Since Genie Energy's
inception, Genie Retail Energy has accounted for all of our revenue
and gross profit. The enhanced focus on retail will provide
Genie Energy with increased flexibility to make strategic
investments to accelerate the growth of our energy provider
business both here in the US and in deregulated markets
overseas."
"In Israel, our nascent drilling subsidiary, Atid, continues to
enjoy strong interest from prospective clients for contracted
drilling services following the successful completion of a water
well last year. Since Atid already owns its drilling rig,
Genie's investment in that business is expected to be modest until
we reach profitability," Mr. Stein added.
About Genie Energy Ltd.:
Genie Energy Ltd. (NYSE: GNE,
GNEPRA), through its Genie Retail Energy (GRE) division, is a
leading independent operator of retail energy providers and
commercial brokerage services. GRE's providers supply
electricity and natural gas to residential, small business and
commercial customers in deregulated markets in the United States and the United
Kingdom. For more information, visit www.genie.com.
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SOURCE Genie Energy Ltd.