SOCAR "s daughter company discovered high quality oil on israel shelf

Investors of Yam-3 project, including Georgia's native Avraam Nanikashvili, have received the data of drilling on the depth more than 5 km. Judging by all, Shemen field has a high quality oil. One should wait for the results of the geological expertise.

The thickness of the oil bearing layer on the Yam-3 shelf section, 15 km west of Ashdod, is 68 meters, Shemen Oil and Gas Resources company(79.2% of rights) reported in its report on September 8, 2013. A big block of shares of the company is owned by Georgia's native Avraam Nanikashvili and Israel's Financial Levers company, co-owner of which is also Nanikashvili (chairman of Board of Directors of Semen Veinshtok).

Globes reported that oil lying on the depth of about 5175 meters has a very high quality.

At present depth of the well has reached 5700 meters. The project operator Caspian Drilling Company (CDC), which is owned by the State Oil Company of Azerbaijan (SOCAR), has carried out several geophysical studies during the Yam-3 drilling and submitted the electrical logging diagram and other results of the analysis to the members of Shemen, on the basis of which the partners concluded availability of a significant amount of oil on the field.

The diagram has been also submitted to the famous expert company for expertise. Cost of the expertise, which will take several weeks, will be about $12 million. The expertise will be used to receive information about the potential of the section, oil resources on which are estimated at 120 million barrels, reported IzRus portal.

CDC owns 10% in the project. It joined the project in early 2012 and the drilling works started in December 2012.-0-