Givot Olam - The Already FOUND Oil in Israel!

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Ethan / JRyan
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Givot Olam - The Already FOUND Oil in Israel! Aug 17, 2018 22:18:35 GMT -5

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Post by Ethan / JRyan on Aug 17, 2018 22:18:35 GMT -5

Meged oil field

In 2004 the Meged oil field was recognized as an oil discovery by the Ministry of National Infrastructures, Energy and Water. Givot Olam partnership was awarded a lease for the development of the oil field and for production of oil from it: the Rosh Ha’Ayin Lease I/11. The lease is 243 square kilometers in size, and is valid until 1.4.2032, with the option of extending the lease for an additional 20 years. The Givot Olam Partnership has a 99% holding in this lease.

Givot Olam Oil Exploration - Limited Partnership (1993) (GOOXF)
Other OTC - Other OTC Delayed Price. Currency in USD

Market Cap (intraday) 5 198.7M ( I think in Israeli monies not US $)
Total Cash (mrq) 1.95M

Avg Vol (3 month) 15.38k
Avg Vol (10 day) 14.43k
Shares Outstanding 10.57B
Float 9.83B

Yahoo share price link

Now if one was asking what happened, they should be looking at the 10 Billion shares issued, yeah that is a "B". That is a real problem when raising more funds. It took them a while but they did hit commercial oil.

Here, take a look, the math works! Go figure.

In 2009 the Meged 5 well was drilled and commercial quantities of high quality crude oil (API 39-40) were produced. Production started in 2011 and continues until today. Cumulative production from Meged 5 is 700,611 barrels (approx. 110,681 m3) as of 31.03.2015.

Meged 5 site
The Meged 5 well, located in the South-Eastern portion of the Rosh Ha'Ayin Lease I/11was drilled in 2009 to a depth of 4700m.

With the completion of drilling, the well was stimulated to enhance deliverability of the hydrocarbons from the reservoir via natural fractures.

Meged 5 well draws from a hydrocarbon bearing reservoir composed of 8 zones. The deepest zone, Zone 1, is at a depth of 4700m, and the shallowest zone, Zone 8 is at a depth of 4000m.

Meged 5 well has been producing continuously and commercially since June 2011, and is in the long-term testing phase. Currently Meged 5 is producing from just one zone, Zone 8b. The production rate was initially 800 barrels per day, and has been declining to the current rate of 400 barrels per day.

The oil is produced to the surface continuously and automatically, and continues over Shabbat and Holidays, in accordance with Rabbinic authorization of Rabbi Adin Shteinsaltz Shlita and the Tzomet Institute

Of course that was not enough to make up for the share dilution.

Givot Admits: We Can't Estimate Scope of Oil Reserves at Meged-5 Production test disappoints investors with only 44 million barrels of oil reported, and no word on how much of this will be economically feasible to pump.

Seems that 50 Million barrels will put ZN around $9 a share before PE ratios are included. What happens if it's more? See what Givot said in 2004.

May 05, 2004 12:00 AM

There could be a reservoir of 980 million barrels of oil at the Meged-4 well northeast of Kfar Sava, exploration company Givot Olam said yesterday, reporting geological findings to the Tel Aviv Stock Exchange
Givot Olam Reports $6 Billion Oil Reservoir Near Kfar Sava
There could be a reservoir of 980 million barrels of oil at the Meged-4 well northeast of Kfar Sava, exploration company Givot Olam said yesterday, reporting geological findings to the Tel Aviv Stock Exchange.
Amiram Cohen

The report showed the production test to be disappointing, with only 44 million barrels of oil. And Givot Olam couldn't say how much of this will be economically feasible to pump - the key information investors want.

Energy analyst Yaron Zar of Clal Finance said: "On first sight, the engineering report released by Givot is poor. The report points out that in Meged-5 it will be possible, in a best-case scenario, to produce about 13 million barrels of oil.

Sep 22, 2010 1:08 AM
Givot Admits: We Can't Estimate Scope of Oil Reserves at Meged-5

11 Apr, 2018 16:21
Givot Olam oil exploration license deadline extended

25 Jun, 2018 15:25
Petroleum Commissioner takes back Givot Olam licenses

The Givot Olam partnership obtained the Rosh HaAyin prospect in April 2002, but has since conducted only three drillings: Meged 4, which included a side drilling and a horizontal drilling; Meged 5, which was drilled twice in the same place; and Meged 6, which also included a side drilling. Only Meged 5 produced oil, and oil production was completely discontinued in April 2017.

The oil potential in the Meged field is estimated in the hundreds of millions of barrels, but Givot Olam, which held drillings there in recent years (up until April 2017), managed to produce only relatively small quantities from it. Givot Olam began producing oil from the Meged 5 field in 2011 and had produced just over one million barrels by the end of 2016, most of which were sold for $84 million. At the same time, for most this time, the partnership suffered losses, among other things because of production malfunctions and investment in development of Meged 6. Eventually, the partnership ran out of money and discontinued its activity.

Of course we have been told from the short and distort crowd there is no oil, Givot must have found Olive Oil or something?

Givot information

Givot Olam Website

Last Edit: Mar 24, 2019 19:57:59 GMT -5 by Ethan / JRyan

By Grace Alone Go I

Ethan / JRyan
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Givot Olam - The Already FOUND Oil in Israel! Sept 5, 2018 21:44:35 GMT -5

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Post by Ethan / JRyan on Sept 5, 2018 21:44:35 GMT -5

I found some interesting articles from 2010.

PDF to Report

Givot well update: Flow now oil and gas, no water

When the production test is completed, Givot will announce the number of barrels of oil that flowed during the test.
Givot Olam Oil Exploration LP (TASE:GIVO.L) today reported that the oil flow from production test in section 1 of its Meged 5 well now contains gas, and no water was seen.

When the production test is completed, Givot will announce the number of barrels of oil that flowed during the test, the oil's composition, and how long the flow lasted.

Givot said, "The partnership wishes to reiterate that data of these kinds do not reflect the rate of flow from the well or its economic viability, which will only be determined after completion of the tests by the experts who will process and analyze the date obtained from each of the tests, which will be disclosed in separate immediate notices."
RELATED ARTICLES
Givot reports oil flow at Meged 5
On Thursday, two days after the production tests began at Meged 5, near Rosh Ha'Ayin, Givot announced, "The production test in section 1 of the Meged 5 well yielded 33 barrels of liquid 1 over eight hours. No accelerants were used."

Globes

Interesting and the bold is mine.

And another..

Givot reports oil flow at Meged 5

The report comes only one day after production tests began at the Meged 5 drilling site.
Givot Olam Oil Exploration LP (TASE:GIVO.L) today announced that the production test in Section 1 of its Meged 5 well near Rosh Ha'Ayin yielded 33 barrels of liquid 1 over eight hours. No accelerants were used. The company is continuing the test, and will report the number of barrels of oil that flowed during the test and their oil/water ratio.

Yesterday, production tests began at the company's Meged 5 well near Rosh Ha'Ayin. Shareholders are now waiting to see if, finally, the well has commercial quantities of oil.

Yesterday, Givot notified the TASE that production test at Section 1, the deepest part of the well, had begun. A video clip of the Meged 5 well on YouTube has had almost 2,000 hits since it went up on Tuesday.

Last week, Givot released a detailed report for the production tests, including the timetable. The tests will be conducted in eight sections of the well over 60-80 days. Givot has promised to issue a detailed report on the number of barrels of oil flowing at each section and the length of time of the flow, but cautioned that no conclusion could be drawn from these figures and implored investors to wait for the conclusion of the tests.

Givot said, "The partnership wishes to reiterate that data of these kinds do not reflect the rate of flow from the well or its viability, which will only be determined after completion of the tests by the experts who will process and analyze the date obtained from each of the tests, which will be disclosed in separate immediate notices."

Givot has apparently learned the lesson of the Zerah Oil And Gas Explorations LP (TASE: ZRAH) at its Tamrur Cliff 4 well. A gas flare from the well caused investors to rush to buy the share, sending it skyrocketing. The share later crashed on disappointing production tests results. Givot is seeking to avoid a similar experience.

Globes

Givot: There is a good chance that the well will reach commercial production.

Givot: There is a good chance that the well will reach commercial production.
Oil and gas exploration partnership Givot Olam Oil Exploration Limited Partnership (TASE:GIVO.L) reported to the Tel Aviv Stock Exchange (TASE) this evening the final results of its scientific analysis of tests and electrical logs at its Meged 5 well.

Givot reported, "Final results that were received regarding the cores shows that, in the opinion of the general partner, that the Meged 5 well is the most promising well that was drilled so far in the Meged field by the partnership. In the general partner's estimation, based on details received until now, there is a good chance that the well will end up as a commercially producing well. At the same time, the general partner asks to emphasize that only after production tests will the general partner be able to estimate if the well is commercial."

Givot said that final results about the well will be received within 60 days and that further tests, at a cost of $6 million, are needed - and that the partnership only has $3.75 million left.

Yet the partnership emphasizes that the Meged 5 well, as opposed to earlier drills, appears to have "open cracks" which will allow gas or oil to go through.

The results were reported more than 2 hours after the stock market closed. Trading in Givot's partnership units was halted this afternoon pending the announcement, and did not resume.

Globes

Givot turns down royalties purchase offer

Trading in Givot Olam's partnership units has been suspended ahead of a significant announcement.
Tensions are rising Givot Olam Oil Exploration Limited Partnership (TASE:GIVO.L) ahead of next week's meeting of the partners. The meeting, originally scheduled for today, has been postponed to March 2 as a group of partners has organized to reduce the royalties to the general partner from future oil sales, if any.

Meanwhile, sources inform ''Globes'' that several foreign investors were in talks with Givot's general partner to buy 2-10% of its royalties. One of the investors offered to buy 5% of the royalties for $280 million, but Givot apparently turned down the offer. Givot director and general partner member Shmuel Laurence Becker handled the negotiations. Givot geologist Tovia Luskin, another general partner member, was a party to the talks.

Givot's general partner will get 20% of the partnership's future revenue, and it appears that the general partner's members are keeping these royalties to themselves and prefer to raise capital through planned offerings.

Trading in Givot Olam's shares has been suspended ahead of a significant announcement. The share price rose 4.5% by early afternoon today to NIS 0.07, giving a market cap of NIS 381 million.

Globes

The point is that these folks found oil and did so with non-conventional means. I am sure it was not what is taking place at the Bakken but nonetheless they got oil and it was around the same depth and formation that Zion Oil is. This is far from over...

I will look for more but I will leave this one for last.

In the second year, the oil field can produce 350 barrels per day. Production may not be worthwhile, given the relatively low amount of barrels per day.

Givot Olam Oil Exploration Limited Partnership (TASE:GIVO.L) today announced it received a special report from consultants in London that addressed the rate at which oil could be pumped from its Meged 4 reservoir near Kfar Saba.

The aim of the report was to calculate test results from drilling in recent months, and to set appropriate measures to complete the drilling for the development of the oil field.

The experts from London recommended horizontal drilling within a 1,000 meter section, to yield an initial production of 900 barrels per day during the first year.

During the second year, production will fall to 350 barrels per day. After another two years, production will decline further to 250 barrels per day, and for the five years after that it will stabilize at 200 barrels per day.

Givot Olam says it now needs to estimate the economic viability of developing such an oil field. By such a statement, the company implies production may not be worthwhile, given the relatively low amount of barrels per day.

The company, in its announcement today, did not refer to its earlier statement from a month ago, in which it said the oil field had a potential of 100 million barrels of oil.

The current estimate from the London experts’ calculations has the oil field producing a total of just 1.4 million barrels, worth about $42 million at current prices.

According to the company’s earlier announcement, the value of the reservoir was set to reach $2.5 billion. Although production from the oil field is due to last over 7 years, the discrepancy between the numbers is still wide. Globally speaking, this is not a large reservoir, if it ends up producing just 1.4 million barrels of oil over the next eight years.

Givot Olam said in its previous announcement that analysis of the electronic testing of the reservoir found that it had 2 million barrels of pre-production oil per sq.km. The reservoir includes a closed oil structure covering over 50 sq.km, with a potential of 100 million barrels of oil.

The company further noted that it was not yet clear if the oil could be commercially exploited, or how much could be produced from the reservoir.

Globes

Horizontal drilling is something we have yet to discuss. It would seem to me that it would be fracking using a loose term that the environmentalists would not like. Nonetheless, it is intriguing to say the least. These Globe articles have great information.

Just found a good one and there it is! Fracking!

Israel drills successful oil well

JERUSALEM, June 16 (UPI) -- Israel's Givot Olam Oil Exploration said its drilling explorations at its Meged 5 well near Rosh Ha'Ayin have been very successful.

As a result of the initial operations, Givot Olam Oil Exploration is returning its hydraulic fracturing equipment to its foreign suppliers, Globes reported Wednesday.

Since the Rosh Ha'Ayin test bore produced oil mixed with gas instead of a water flow the bore, Givot Olam Oil Exploration Director Shmuel Becker told journalists, "We're returning the (hydraulic) frac(turing) equipment because there is natural oil flow in the well."

Givot Olam Oil Exploration reported that the test bore produced an oil flow of 302 barrels over nearly 20 hours. Following expert analysis, based on the test bore site's natural oil flow from the Meged 5 well, Givot Olam Oil Exploration decided to dismantle the hydraulic fracturing and propelling equipment at the wellhead and send it back overseas.

In light of the Meged 5 bore hole success, Givot Olam Oil Exploration has begun preparations for tests of section 6 of the well.

UPI News

Now here is some good information about what issues Givot had and could possibly still be a stumbling block to Zion at some point.

Givot Olam Plunges 52% After Halting Process to Extract Oil From Meged-5

The Givot Olam Oil Exploration partnership saw its share price plummet 52% yesterday after informing the stock exchange that it is postponing a process to coax oil out of its Meged-5 drill site near Rosh Ha'ayin. The company cited "unanticipated difficulties."

It also reported that water had started flowing into the site at segment 8, halting oil extraction.

The notice was published at the demand of the Israel Securities Authority. After the close of trade, the company published another announcement in an attempt to clarify the situation, but this second notice contained no new information.
Givot stated that the hydraulic fracturing process, a method of stimulating oil and gas wells, had run into trouble in segments 2 through 7, and that water had started coming out of its drill site at segment 8 after the company began extracting oil, blocking further extractions.

It will probably have to take several steps to solve these problems, it said, adding that it may import equipment from abroad to address them.

"Solving the problem mandates additional tests that will take an undetermined amount of time," the company said.

Meged-5 is divided into eight segments, and the company has performed production tests at all of them. It has performed hydraulic fracturing at segments 1 through 7.

The fracturing process is intended to speed up the pace of extraction in order to make it economically viable. The site has been known to contain oil for 20 years, but previously, it could not be extracted quickly enough.

Givot's current problems apparently stem in part from the fact that there isn't a layer of gas on top of the oil layers. A gas layer would have exerted pressure and helped the oil flow out more quickly.

While the partnership's advisors recommended importing equipment to remove the water at segment 8 so oil extraction could continue, Givot is unlikely to make a final decision on the matter until after testing finishes there.

The company noted that currently, it cannot forecast how much oil it can extract, how much it would cost and how long it would take.

The company had stated in December that there was a 90% probability of producing 2.2 million barrels of oil from six of the segments, a 50% probability of producing 10.5 million barrels from segments 5, 6 and 7, and a 10% chance of getting 16.9 million barrels from those segments.

When asked for comment, the company stated that the ISA had instructed it to release information to the public only through the stock exchange's official system.

haaretz.com

Last Edit: Sept 9, 2018 7:21:12 GMT -5 by Ethan / JRyan

By Grace Alone Go I

Ethan / JRyan
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Givot Olam - The Already FOUND Oil in Israel! Sept 6, 2018 11:32:54 GMT -5

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Post by Ethan / JRyan on Sept 6, 2018 11:32:54 GMT -5

It would seem that there are folks that think this is irrelevant to Zion and MJ#1. I beg to differ.

An answer to this was posted on the Hoo.

Givot lost their license and the rights to the Meged Field, and you silly folks can say that all you want. Whether they were a well-run company or not is irrelevant to the issue of whether they had commercial oil in Israel. The answer to that is yes they did. Profit to shareholders is certainly an issue and a do care as I own some, about $75 worth last time I checked. So you say this is what would happen to Zion and that is a realistic possibility but not likely in my opinion. Zion has 60 Million shares while Givot had 10+ Billion or so. Granted this is speculation on my part but it is grounded in already occurring fact.

What you will not address because it does not fit your agenda but I will is that the possibility is there for Zion to produce oil with some type of fracking. I will grant, that my knowledge is limited in the technical portion of this but I have shown that this process is getting cheaper and very quickly. That same spreadsheet you keep making fun of shows it would be close if the cost out of the ground gets to $30 a barrel with special techniques. I show that with that $30 cost, then the approximate netback per barrel is around $5. This is of course with Brent at $70. The bad side to this is if the cost rises to $35 operational cost my estimates of the Bakken now, now you are left with less than $1 a barrel. However, the capitalization of the drilling costs would change this as Zion would be entitled to around $100+ million recovery of that capital which is referred to as the R-Factor. Until that is recovered, at $70 a barrel, Zions netback per barrel would be around $10.

So no matter your game, math does not lie and therefore it would still be possible to provide oil at a profit depending on what the formation of the reservoir looks like. It could be worse or better than the Meged field.

Another thing to think of is as posted in my article, they fracked and then returned the fracking equipment overseas once the oil naturally flowed. My next journey is to discover what the flow rates were per well. I cannot use the Bakken or Eagle Ford as an example as they are far different locations at least but it would be a start. Flow and how many wells would be needed to provide the nation of Israel with their own oil so they would not have to purchase on the open market. As for how long this would last I have no idea. I have read that up to 35% oil in place could be recoverable in these type situations with the most modern technology but how that relates Zion and MJ#1 is any is unknown to me at this point.

Does this mean Zion will have to frack? I have no clue but it is intriguing and the more similarities that I see between the Givot find and what we have seen in the PR's at least makes it possible in my mind. I feel if the hole was dry they would have said so as they did with the last one after three weeks.

From above, this took time as well with Givot and they kept having to raise funds as well which is why there are 10 Billion shares. They also failed to get new funding which pretty much closed down the Meged field for the time being.

Last week, Givot released a detailed report for the production tests, including the timetable. The tests will be conducted in eight sections of the well over 60-80 days.

So take this for what you will but I continue to learn about things. It would appear that Zion would need a recoverable reservoir of around 25-50 million barrels to make it worth a go. There would have to be many more wells drilled for it to work and they are not cheap in Israel as we already know. Double the Bakken would be around $12 million each.

Edit 9/9/2018

I have been doing some reading and it would seem that although Givot was able to frac to some extent, I think that could have played a part in their funding issue. Talking with folks that know in general about fracking made me realize just what a scale of an endeavor that would be for the US let alone Israel.

Materials and Equipment would be an issue. The right sand might not be local. The personnel issues are unique in their own sense.

My spreadsheet shows that the real limit at Brent $70, Zion at most could see no more than $30 cost of extraction per barrel. That is around the Bakken, Permian, and Eagle Ford costs today.

This does not seem feasible at this time but all things are possible and the technology is rapidly changing so who knows?

The Oil is there, but I think it for sure is not cheap oil.

Last Edit: Sept 9, 2018 7:21:26 GMT -5 by Ethan / JRyan

By Grace Alone Go I

Ethan / JRyan
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Givot Olam - The Already FOUND Oil in Israel! Mar 4, 2019 11:05:19 GMT -5

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Post by Ethan / JRyan on Mar 4, 2019 11:05:19 GMT -5

Israeli Oil Explorer Recruits Mysterious Investor Group to Revive Its Fortunes

Its oil-exploration business long left for dead, Givot Olam suddenly came back to life two weeks ago when it announced it was getting a $50 million cash infusion by a mysterious investor group called Alberta-Texas Energy Ventures.

Alberta-Texas retained the Israeli public relations man Rani Rahav, but a statement released by his firm was short on details. It described the group as including “Jewish families that work for Israel’s stability and inclusive regional development.” It also said the group has been in the global oil and gas sector and invested in Israeli startups but never in Israeli energy.
Givot Olam, whose shareholders Monday backed the investment plan that will give Alberta-Texas a 40% stake in the company, declined to name any of its backers.
But a source told TheMarker that the key figure is a former Israeli named Ben Shani, who also works as president of Houston-based Agar Corporation, a maker of equipment used in oil-well testing and production.

His No. 2 is Benny Mehr, a retired brigadier general who left the Israel Defense Forces four years ago as Northern Command chief. He has since helped manage and invest in security companies as founder and head of Beemehr Consulting & Management.

Mehr reportedly led the negotiations with Givot Olam and is in charge of Alberta-Texas’ Israel operations. A source close to the group who asked not to be named said Alberta-Texas was incorporated in Canada only a few months ago and had no operations yet. However, its team includes people with decades of experience.

“The company has a website with names of people, but Shani doesn’t appear there,” the source said. “Shani undertook a major obligation of $50 million, but it’s not clear he has the business acumen and if [Israel’s] oil commissioner will approve Alberta-Texas as a drill operator. There are still a lot of questions surrounding the deal – a lot that isn’t understood.”

Regarding the other parties to Alberta-Texas, another source described them as “private individuals, Jewish families, but not only. There are also funds that invest in the sector. We’re talking about well-known families in the Houston oil business. This is very serious money.”

One source speculated that the Alberta-Texas backers declined to be named because they are still raising capital. “Right now there is $50 million on hand, but it will require another $100 million to develop the Meged field in later stages. That money hasn’t been raised,” the source said.

As to why Shani has chosen to remain behind the scenes, a source said: “Shani has various businesses around the world, including places where he would prefer not to make his connection with Israel so prominent,” the source said. “The anonymity isn’t to hide anything.”

Givot Olam has an unusual history. Tovia Luskin, its founder and CEO and a Russian immigrant who arrived in Israel via Canada, chose to prospect for oil near the central Israeli town of Rosh Ha’ayin based on clues from the Bible.

As he understood it, a verse from Deuteronomy in which the tribe of Joseph is blessed “with the crop of early mountains and the bounty of perennial hills” refers to a hydrocarbon reservoir. The Meged field near the city is situated in what Gilot Olam says belongs to the biblical tribal allocation of Ephraim, a son of Joseph. The company’s name, Givot Olam, means perennial hills in Hebrew.

Luskin joined up with Jerusalem businessman Noga Ben-David and lawyer Shmuel Becker to form the Givot Olam partnership, which listed on the Tel Aviv Stock Exchange in 1993. Many investors affiliated with the Chabad religious movement are shareholders.

Biblical verses aside, Givot Olam has had only spotty success. It drilled three wells over the years, with only one producing commercial quantities of oil – 1 million barrels worth $85 million over five years before technical problems forced it to stop pumping.

Meanwhile, the partners got into a bitter dispute and Givot Olam’s participation units were moved to the TASE’s maintenance list because the company failed to meet trading regulations. Its market value fell to as little as 100 million shekels ($28 million at current exchange rates). Two years of efforts to find a strategic investor failed, and last June the oil commissioner canceled its license.

The company is appealing the decision with Energy Minister Yuval Steinitz, but Givot Olam is now back on the TASE main list and its market value stands at about 245 million shekels.

Boas Arnon, an Israeli geologist who is part of the Alberta-Texas team, told TheMarker that the Meged field has considerable potential if it can be developed.

“The conservative estimates are that they will be able to extract 20 million to 50 million barrels of oil, which is a lot,” he said. Comparing Meged to Israel’s biggest find to date, he said: “In the Heletz field, for the sake of comparison, they pumped 18 million barrels over 50 years.”

But he said the area was very difficult to drill due to a very thick 4,000-meter (13,123-foot) stratum of limestone, and faults lying above the oil. He estimated that drilling would cost as much as $30 million per well.

Interestingly enough, here is an article from 2010 - Still some say there is NO oil still..

Commercially Sized Oil Field Found in Central Israel, Firm Says

For those that need a second source - this is real...

Shapir seeks slice of Givot Olam revival

Shapir Engineering and Industry has signed an option agreement to join Alberta Green Ventures with a $50 million investment.

Infrastructure and construction company Shapir Engineering and Industry (TASE: SPEN) is changing its position in the Givot Olam partnership's oil and gas exploration. Givot Olam holds drilling licenses for the Meged oil field next to Rosh HaAyin. Just over a year after entering the partnership that manages Givot Olam's oil and gas exploration activity, Shapir Engineering is changing its strategy. Instead of investing in management of the activity through the general partner of Givot Olam, it now wants to join a Canadian company in investing in the operation of the partnership's Meged drilling following a long period of stagnation in drilling activity in the oil field, a development that will bring new life to it.

Shapir Engineering, controlled by the four Shapira brothers, today notified the Ben David family, the controlling shareholder in Givot Olam's general partner, that it had decided to exercise the put option it was granted when it entered the general partner, to sell its 22% stake to the Ben David family for nearly $3.5 million. Shapir Engineering is also demanding that the Ben David family repay a loan of just over $2 million granted to the general partner after Shapir Engineering joined it in August 2017.

At the same time, Shapir Engineering signed an agreement to obtain an option to join Canadian fund Albert Green Ventures with a $50 million investment for 40% of the rights in the Givot Olam limited partnership. The other 60% of the rights will remain in the hands of the holders of the partnership's participation units. The partmership's activity focuses on development of the Meged oil field. Commercial quantities of oil were previously produced from the Meged field, located east of Elad.

Ministry of National Infrastructure, Energy and Water Resources canceled the rights

Activity in Meged has been suspended for an extended period, after tens of millions of dollars were invested in it. After the partnership accumulated substantial losses, due among other things to a production malfunction, and became unable to continue the site's development, the Ministry of National Infrastructure, Energy and Water Resources last year canceled the rights it had granted to Givot Olam to operate the field.

The decline in Givot Olam's financial situation is also reflected in the value of its participation units. After the price of a unit neared NIS 0.01, the TASE deleted it from its main list in late 2014. The partnership's current market cap is NIS 100 million.

If the Canadian fund's investment goes through and Shapir exercises its right to join it, the two companies will invest jointly in renewed drilling at Meged, subject to approval from the Ministry of National Infrastructure, Energy and Water Resources for restarting activity at the field. Owners of the participation units and the Givot Olam board of directors already approved the Canadian fund's proposed investment in September, as far as is known six months after a proposal by Shapir Engineering to the partnership to add a US investor on different terms was not accepted.

Givot Olam has already appealed against the cancelation of its holding in the field by the Antitrust Authority director general. If the appeal is upheld, Shapir Engineering's option to enter an investment partnership can be exercised up to two weeks after approval is obtained from the Ministry of National Infrastructure, Energy and Water.

Last Edit: Mar 24, 2019 19:56:11 GMT -5 by Ethan / JRyan

By Grace Alone Go I

Ethan / JRyan
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Givot Olam - The Already FOUND Oil in Israel! Mar 4, 2019 11:25:17 GMT -5

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Post by Ethan / JRyan on Mar 4, 2019 11:25:17 GMT -5

Biblical verses aside, Givot Olam has had only spotty success. It drilled three wells over the years, with only one producing commercial quantities of oil – 1 million barrels worth $85 million over five years before technical problems forced it to stop pumping.

But But But their is NO Oil! I have been told that so many times now. The technical issues are the key here and I think I have shown at least partially what those are.....Its there but how to get it economically is the real question. Also what environmental concerns are there? There are some and they are not easy to deal with. Then again, the same concerns existed in the Permian and Bakken as well did they not?

Two years of efforts to find a strategic investor failed, and last June the oil commissioner canceled its license.

There it is....now who has an active license in the general area?

Meged field has considerable potential if it can be developed.

Really? Why would they say that if there is no oil?

Just a wild goose chase? Is Givot also going to be called an affinity scam now as well?

Now to the meat of the matter..

“The conservative estimates are that they will be able to extract 20 million to 50 million barrels of oil, which is a lot,” he said. Comparing Meged to Israel’s biggest find to date, he said: “In the Heletz field, for the sake of comparison, they pumped 18 million barrels over 50 years.”

But he said the area was very difficult to drill due to a very thick 4,000-meter (13,123-foot) stratum of limestone, and faults lying above the oil. He estimated that drilling would cost as much as $30 million per well.

So if I am understanding this correctly, there is up to 50 Million barrels as a conservative estimate. It would seem that the Permian's estimates have done nothing but go up as has the Bakken. Are they similar? I just do not know but you can not dismiss it either. Of course scale needs to be considered as well but this is just the Meged only.

This is not Zion's lease area at all.

Also $30 million per well...That is in line with what Zion saw with MJ#1.

What about this Heletz field and where is it?

You can bet that was a conventional field, what if it were to turn unconventional as well?

You see, there is oil, no matter what the 'noise' says. What I do know is it is not a gusher like Spindle Top but the oil is there. How much it will cost to extract is the real issue.

Israel has Oil, so listen to the noise if you wish but understand there is a vested interest in seeing this not come to fruition.

The partmership's activity focuses on development of the Meged oil field. Commercial quantities of oil were previously produced from the Meged field, located east of Elad.

Yup, sound like the oil is there....

Activity in Meged has been suspended for an extended period, after tens of millions of dollars were invested in it. After the partnership accumulated substantial losses, due among other things to a production malfunction, and became unable to continue the site's development, the Ministry of National Infrastructure, Energy and Water Resources last year canceled the rights it had granted to Givot Olam to operate the field.

Production malfunction - would I like to know what those were!

Givot Olam has already appealed against the cancelation of its holding in the field by the Antitrust Authority director general. If the appeal is upheld, Shapir Engineering's option to enter an investment partnership can be exercised up to two weeks after approval is obtained from the Ministry of National Infrastructure, Energy and Water.

Seems to me like a small race to come extent. Weeks? And we have not even mentioned Genie and AFEK.

Zion Oil - it is time that you update your shareholders on how this relates to OUR license!

Last Edit: Mar 4, 2019 11:42:00 GMT -5 by Ethan / JRyan

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Givot Olam - The Already FOUND Oil in Israel! Mar 6, 2019 19:44:50 GMT -5 ccrc79 likes this

Quote

Post by Ethan / JRyan on Mar 6, 2019 19:44:50 GMT -5

Meged Wiki

So why post this?

Well the translation is not the best but you will see the message....Remember, this is the company that a lot of news is afoot about.......I can not get a date but that is not important, what is important is the terms used...

Pay attention...again translation has issues but I have shown elsewhere what they are talking about. I wanted to make sure I saved this.

LINKY

Hills: We'll do the "crack" in section 8 this week
"Following the successful implementation of the tails operation, the general partner plans to perform at least one week of production tests in section 8. After that, the general partner, with the assistance of his advisors, will decide on the continuation of the operations, even without sections 6 and 7. The quantity of oil in Megad 5 is commercial in all way"
Kobi Yeshayahu

The Givot Olam partnership continues to update, almost without interruption, the holders of its participation units in the Meged 5 drilling near Rosh Ha'ayin. We emphasize that the present report was issued following the demand of the Israel Securities Authority to update investors on developments.

This morning, Givot sent out (After reviewing the events of the last few days), among other things, that "after successful implementation of the tails operation, the general partner plans to perform at least one week of production tests in section 8. The general partner, with the assistance of his advisors, For cleaning and production from sections 6 and 7 ".

The company is scheduled to perform the "crack" in section 8 during the coming week.

They then proceed to the hills and detail the meanings in the short, medium and long term.

Short-term meanings: " If the time and cost required to try to clean and produce in sections 6 and 7 are reasonable, we will try to exhaust this and only then continue with long-term production tests from all the segments." However, "if this operation in sections 6 and 7 fails, we can begin to perform long-term production tests from the other segments, and we estimate that without segments 6 and 7, the amount of oil in Megad 5 is commercially viable."

Medium term: "The general partner estimates that the partnership will be able to carry out long-term production tests at Meged 5 in the coming months and that the date scheduled for the start of systematic and permanent production in November 2011 remains unchanged, and at this stage there is no reason to change the plan, February and August 2012, respectively. "

As for the long-term implications, the hills note that "the reserves report published by the partnership, as well as the economic analysis, remain unchanged for us. There is certainly no reason to change the estimates regarding the Meged 6 and Meged 7 drillings, as well as for the entire core area of the field (in addition, another 13 drillings will be required). It is clear that when we can accurately estimate the daily amount of oil produced from Meged 5, it will be possible to make the necessary adjustments. "

And at the end, as usual, the hills indicate that "at this stage it is impossible to estimate the impact of the events to date on the additional cost, timetables and quantities of oil that can be produced from the Meged field."

Last Edit: Mar 6, 2019 19:46:48 GMT -5 by Ethan / JRyan

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Givot Olam - The Already FOUND Oil in Israel! Mar 10, 2019 10:38:42 GMT -5

Quote

Post by Ethan / JRyan on Mar 10, 2019 10:38:42 GMT -5

13 Jan, 2011 11:36 Adi Ben-Israel - Years ago but relevant nonetheless!!

Givot asks investors to ignore flare at well

Givot Olam Oil Exploration LP (TASE:GIVO.L), which is currently fracing (hydraulic fracturing) sections of its Meged 5 well and carrying out production tests, is seeking to cool investors' enthusiasm after yesterday's flare at the wellhead, which indicates the presence of fuel at the well. The scale of production, if any, is unknown, but the flare is a routine procedure during production tests.

A few months ago, Givot announced that production tests conducted during the summer produced an average of 382 barrels of oil a day. Fracing is now underway in sections 1-6 of the borehole to speed up the production rate, and production tests are underway of sections 7-8

Something interesting, information is not readily available as to what this 'fracking' means compared to say the Permian and Bakken but nonetheless, what is important is that Givot found commercial oil whilst using that technology. Of course it was not a boom as they did not make enough to continue but with the news this last week, someone thinks it is worth a re-look.

Zion will not address this as I am sure there are reasons. Keep in mind that a conventional source is what Zion is looking for and in no uncertain terms have they fracked or at least not to my knowledge.

Last Edit: Mar 10, 2019 10:39:42 GMT -5 by Ethan / JRyan

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Givot Olam - The Already FOUND Oil in Israel! Mar 10, 2019 12:01:10 GMT -5

Quote

Post by Ethan / JRyan on Mar 10, 2019 12:01:10 GMT -5

Meged Wiki

WIKI

Meged Field Dispute - Information

Meged Field

Meged oil field – The Meged oil field is an oil field that was first discovered in the 1980s but declared to not be commercially viable at the time. In 2004, Givot Olam declared to have made it viable to drill. It is one of the largest on-shore oil fields in Israel and it began production in 2010 and produces oil as well as some natural gas. Its proven oil reserves are about 1,525 million barrels, the Meged oil field is located near the towns of Kfar Saba and Rosh HaAyin in Israel. It is situated close to the tip of the Palmyra rift system. Givot Olam, which owns and operates the Meged license, first announced its discovery of the Meged field in April 2004, the field spans 200 square kilometers. In 1998 the partnership announced that in the course of tests it was conducting at the Meged 2 bore, Meged 2 was abandoned in the years following. In 2000, after earlier having said it had found significant quantities of gas at the Meged 3 prospect. When the technical failure was resolved and drilling operations resumed, Givot announced that Meged 3 would be abandoned as the gas was not available in commercial quantities. In 2009 the partnership announced that it had found indications of significant quantities of oil at its Meged 5 site, in mid-2011 Givot reported that Meged 5 was producing oil at a rate of 800 barrels a day. The Meged 5 well is located on land designated a training zone by the Israel Defense Forces, on June 19,2013 the partnership announced that it had started drilling the Meged-6 oil well. In early January 2012, Givot Olam reported that the state had rejected the proposal to drill at Meged wells 6,7 and 8. Later in the month Givot reported that it had obtained approval to proceed with drilling operations at Meged wells 5,6 and 14, in 2010, Givot Olam sold 240 barrels of oil obtained from Meged 5 to Oil Refineries Ltd, an Israeli oil refining company. During the first quarter of 2011 Givot sold NIS4.6 million worth of oil extracted from the Meged field to refineries. According to Luskin, he visited the Lubavitcher Rebbe in New York in 1990, with the location of Meged Oil field close to the border between Israel and the West Bank, it is subject to a dispute over ownership rights. According to a source in the Palestinian Authority, 80% of the Meged oil field is on land owned by Palestinians, efraim Sneh has stated that although the oil drilling site is in Israel the oil reservoir may extend to the West Bank near the West Bank village of Rantis. Sneh suggested that cooperation between the Israeli and Palestinian sides could lead to the construction of a joint oil pipeline, according to reports published by Givot Olam, the methods used in determining the potential for oil extraction at some of the Meged wells involve fracking. Associated petroleum gas Economy of Israel Hydrocarbon exploration Givot Olam Oil Ltd, Meged 5 is alive – Globes factsheet about Givot Olam Oil Exploration LP

Tiny Israel, is poised to become major exporter of oil

Also in March, Givot Olam Oil Exploration announced that it was producing 785 barrels of crude oil a day though hydraulic fracturing near Rosh HaAyin, just to the east of Petah Tikva. But that's not from oil shale, so the amount of oil present at the site is likely limited in nature. In August the company speculated that there were 1.5 billion barrels of crude oil at the site, but that only 10 to 20 percent would be recoverable. Investors don't have much confidence in the project, which plans to begin commercial production soon; the company's shares closed Thursday at six and a half agorot on the Tel Aviv Stock Exchange.

Meged oil field

Interesting that Zion also had to deal with some of the same things while drilling...

In order to accommodate Jewish religious proscriptions against performing labor on the Sabbath, in 2011 Givot Olam introduced Shabbat clocks into its production system to obviate the use of manual faucets.

Last Edit: Mar 10, 2019 12:09:28 GMT -5 by Ethan / JRyan

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Givot Olam - The Already FOUND Oil in Israel! Mar 24, 2019 18:26:10 GMT -5

Quote

Post by Ethan / JRyan on Mar 24, 2019 18:26:10 GMT -5

A link that I will add to this thread...

Group including U.S. investors puts $50m into Israeli energy firm Givot Olam

Group including U.S. investors puts $50m into Israeli energy firm Givot Olam

A group of investors that includes Jewish-American families has agreed to invest $50 million in Givot Olam to help the Israeli energy partnership undertake more drilling in its Meged oil field, near the town of Rosh Ha’ayin. Alberta Texas Energy Ventures, as the group is called, said Monday that it would have a 40% stake in Givot Olam after the deal has been approved by company shareholders and Israel’s petroleum commissioner. A spokesman for the investor group said it included families that have been working for “the stability of the State of Israel and comprehensive regional development” and have invested in Israeli high-tech in the past, but declined to name them. The Meged field has produced in the past about 1 million barrels of oil, but its last well was capped due to technical problems that haven’t been resolved. Meanwhile, Givot Olam’s controlling shareholders have been locked in a dispute that has disrupted operations, forcing it to seek new financing. (Eran Azran)

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Keep all shouts and or text, classy.

Ethan / JRyan: Remember, Life is but a short time. Eternity is what actually counts. These are strange days for all, especially the nation of Israel. The well is but a blip in the big picture. Pray the Ancient of Days spares us in the coming weeks... Aug 9, 2024 14:06:42 GMT -5

Ethan / JRyan: Well it is getting more insane now......Pray for peace, the search for oil can wait. Oct 3, 2024 7:00:06 GMT -5

Ethan / JRyan: Why the rise on no news? Nice but odd don't ya think? Nov 8, 2024 10:00:37 GMT -5

Ethan / JRyan: What a nice day but look at the volume? WOW Nov 14, 2024 15:22:15 GMT -5

Ethan / JRyan: Clueless as to why but not complaining.......Amazing really. Still a HUGE risk. Nov 19, 2024 10:32:59 GMT -5