News listings

energy-pedia development and production

Israel flagIsrael

Middle East / Africa >>> Israel

Israel: Avenue enters into LOI for the development of the Heletz field

30 Jun 2010

Photo - see caption
Photo - see caption

Avenue Group has announced that Avenue Energy Israel has entered into a Letter of Intent (LOI) with an Israel based investment group (Israel Group), to finance the development of the Heletz field. Under the terms of the LOI, the Israel Group is to contribute up to $5 million towards the development of the Heletz field and earn a 32.5% interest in the Heletz field. The agreement is subject to closing conditions which include, concluding a definitive agreement, finalizing the Tomco agreement and the customary closing conditions.

Avenue Energy Israel, a subsidiary of Avenue Group, owns a 75% interest in the Heletz-Kokhav Licence and a 75% interest in the Iris Licence which together encompass the Heletz oil field. The Heletz oil field, Israel's only producing oil field, was discovered in 1955 and has produced over 17 million barrels of oil to date.

A 2008 reserve report prepared by TRACS International calculates the original oil-in-place for the Heletz field at 94.4 million barrels of oil (P50), 1P (Proven) reserves and 1C (P90 Contingent) resource at 1.465 million barrels of oil, 2P reserves (Proven plus Probable) and 2C resource at 4.494 million barrels of oil and 3P reserves (Proved plus Probable plus Possible) and 3C resource at 10.438 million barrels of oil.

Source: Avenue Group

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Publicly Available Deals

See all deals...

Subscriber Only Deals

Current deals: 1600
Completed deals: 4084

Company Profiles

Current Company Profiles: 2293

Corporate Activity

Current Corporate Activity articles: 2401

Companies Looking

Current number of articles: 398

Company Sales

Current Company Sales articles:966


Current Geostudies articles: 405

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Lynx Information Systems
Rose & Assocs 149
Beagle Geoscience 149
Union Jack Oil 149
Polarcus Logo 149
Working Smart Logo
KL Publishing
count geophysics
EP Consult Energies
Dolphin Geophysical logo 149
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675