Genie Subsidiary Spuds First Exploratory Well in Northern Israel

Genie Subsidiary Spuds First Exploratory Well in Northern Israel

Genie Energy Ltd., (NYSE: GNE, GNEPRA), an oil and gas exploration company and retail energy provider, today said that its Afek subsidiary has spudded its first exploratory well in the Golan Heights region of Northern Israel. The well is expected to be drilled to a depth of 1,000 meters.

“We are exploring an important potential natural resource that could lead to energy independence for Israel and provide a source of long term employment and prosperity,” said Genie Energy’s Chairman and CEO Howard Jonas. “If our thesis is correct, our license area may hold billions of barrels of oil.”

Geoff Rochwarger, Genie’s Vice Chairman and CEO of Afek, said, “We have worked closely with the Northern District council and all relevant authorities and to develop an exploratory drilling program that is respectful of the environment and that addresses the concerns of local residents. We look forward to building on this cooperative approach in the months ahead.”

In April of 2013, the government of Israel awarded Afek an exclusive petroleum exploratory license covering 396.5 square kilometers in the southern portion of the Golan Heights. In July of 2014, the Northern District Committee for Planning and Building voted to approve Afek’s application and issued permits for a ten-well, three year oil and gas exploration program.

Source: Genie Energy Ltd

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