Following the recommendations of the Petroleum Council from Thursday:

More than 50% of Exploration Areas within Israel’s Seawaters are covered by licenses

The Petroleum Council recommends granting 20 new exploration licenses for petroleum and natural gas and licenses for the production of shale oil within Israel and its economic waters.  The number of exploration licenses granted has increased by 235% since 2003.

The Ministry of National Infrastructures’ Advisory Council on the Petroleum Law, headed by Dr. Ya’akov Mimran, Director of the Ministry’s National Resources Licensing Administration, convened last Thursday, 19/2/2008, in order to discuss and review applications for licenses of petroleum and natural gas exploration and of shale oil production within Israel and its economic waters.

The natural gas discovery at the “Tamar-1” drilling, as well as new information about the geology of the seafloor in Israel's economic waters, have boosted assessments about the high probability of more natural gas discoveries in Israel.

The meeting was opened by Dr. Mimran. “Our last meeting took place two weeks prior to the commencement of drilling in Tamar 1”, he said. “Since then we had our fair share of good news, above and beyond all our expectations. The operation of the oil platform in Tamar will end soon and it will be shifted to carry out the “Dalit” drilling under the “Michal” license. Updated forecast estimates 40% chance for a commercial discovery and approximately 20 BCM”.

The council members recommended granting licenses in the following sites:

• 6 “Ruth” licenses (a-f) in preliminary permit site 197, operated by a consortium headed by Noble Energy Company.
• 6 “Alon” licenses (a-f) in preliminary permit site 198, operated by a consortium headed by Noble Energy Company.
• 5 licenses – “Yishai”, “Aditia”, “Lala”, “Yahav” and “Yoad” - in preliminary permit site 198 of Pelagic Exploration Company.
• “Ayala” license of Pelagic Exploration Company.
• “Nir’am sa’ad” license of Energetic Company.

In addition, the council recommends granting a preliminary permit that carries a priority for exploration of petroleum and natural gas in the sea.

The council also recommended granting “Negev Oil & Shale” Company a shale oil production license, in Mishor Rotem. The production method used is in-situ, in which the oil shales are heated inside the ground.

It should be emphasized that all the licenses and permits are subject to approval of Israel's Minister of National Infrastructures, Binyamin (Fuad) Ben Eliezer, and are to be reviewed by the Ministry’s experts, including legal experts.

Hereafter is the data of the Ministry of National Infrastructures which shows the increase in petroleum and natural gas exploration within Israel’s seawaters since 2003 up till today: