Avenue Group Inc., (OTCBB: AVNU) reports that an evaluation of the Heletz Field in southern Israel found proven and probably reserves of 4.494 million barrels of oil.
TRACS International, an Aberdeen-based consultant, performed the audit based on a re-evaluation of historical production data from the field, including more than 17 million barrels of oil produced from more than 90 wells drilled since the field was discovered in 1955.
Avenue also reports that its K27 well, which began production in 1986, was shut-in on Sept. 3 because of low volumes. In total, it has produced 15,200 barrels of oil. Workover operations were completed on Oct. 6. Avenue expects K27’s production rate to continue at 10- to 15 barrels of oil per day, with estimated recoverable reserves of 28,600 barrels of oil.
Avenue chief executive officer Levi Mochkin says, “The TRACS report further confirms our belief in the current resource of the Heletz field and the significant potential to increase production and add reserves from a variety of plays. As the field is re-developed over the coming months, we can expect a good portion of the resources to be upgraded to Reserves status.
“Furthermore, turning the non-performing K27 well into a producer via a low cost workover is illustrative of our ability to tap the significant potential of the Heletz field by reviving non-producing wells and turning them into revenue producing assets. This is good news for our company and for the State of Israel.”
Talos Energy Announces Shareholder Approval of EnVen Acquisition
2023-02-09 - Following shareholder approval, Talos Energy’s acquisition of EnVen Energy is expected to close Feb. 13.
Pioneer Natural Resources Denies Report of Acquisition Interest
2023-02-27 - Pioneer Natural Resources made the statement following news reports that it was considering an acquisition of Appalachian E&P Range Resources Corp.
Japan's Inpex Quits US Tight Oil Development
2023-02-01 - Inpex has held assets in the Eagle Ford shale since 2019 but has sold them to Spanish energy company Repsol.
A&D Minute (Jan. 18, 2023): NOG-ing Them Out of the Park [WATCH]
2023-01-18 - Also in this week's A&D Minute: Quantum Energy Partners might be saying goodbye to Rockcliff Energy, plus check out Chord Energy's Williston Basin 46,000-acre package.
A&D Minute: Did HighPeak Announce the Next Deal of the Year? [WATCH]
2023-02-01 - Also in this week's A&D Minute: Matador Resources' Delaware Basin acquisition was the largest of the year so far at $1.6 billion, plus see how small- and mid-sized companies are sizing up against large E&Ps.